Nationalist Congress Party (NCP) president Sharad Pawar on July 17 wrote to Prime Minister Narendra Modi, pointing out certain inconsistencies and the resulting legal inefficacy of normative provisions of the Banking Regulation Act.

In his letter, the NCP chief stated that Banking Regulation Act has been amended to protect the interests of the depositors of co-operative banks and to strengthen the cooperative banks by increasing professionalism, but there are certain inconsistencies and the resulting legal inefficacy of normative provisions of the Act that are in conflict most specifically with the 97th Constitutional Amendment, State Co-operative Societies Acts and with the co-operative principles.