Why Sharad Pawar is opposing the Banking reforms?

We know, the Cooperative Banks are a hot bed of corruption from inception. The corruption in Cooperative banks is extremely high in comparison to the regular banks.
There was a single reason why it was so: The cooperative banks were beyond the purview of Reserve Bank of India (RBI).
In the monsoon session, the Govt amended the Banking Regulation Act, 1949 to bring them to the purview of RBI. The following are the highlights of the Amendments.
The corruption was rampart because the political parties put their people in the top managerial positions of the cooperative banks. They used to give loans (which mostly were siphoned off), under-report the bad loans and did all possible fraud.
By bringing such banks under the control of RBI:
In the entire country, one third of the cooperative banks are in Maharashtra and most of them were controlled by Sharad Pawar (and the party). With these going under RBI’s preview, it becomes tough for such people to loot the banks.
Now we can understand why there is so much opposition from left, liberal intellectuals against the BJP Govt.
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