Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: FM
1 month ago

Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: FM

Deccan Chronicle  

New Delhi: Amid fierce criticism from the Opposition, the Lok Sabha on Tuesday passed the Banking Laws Bill, 2024 in which Union finance minister Nirmala Sitharaman proposed 19 amendments in the bill. Earlier in the day, FM Sitharaman introduced the Banking Laws Bill in the Lok Sabha, proposing to make as many as 19 amendments, including changes in the RBI Act, the Banking Regulation Act, the SBI Act, the Banking Companies Act, and the Banking Companies Act among others. The bill The finance minister also highlighted the strength of India’s banking sector, saying that the public sector banks are safe, stable and healthy and emphasised that PSBs are efficiently managed and do not rely on government funding. While the bill ostensibly seeks to improve bank guarantees and investor protection, its real intent is to reduce the government's minimum holding in public sector banks from 51 to 26 per cent, he argued.

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Banking Laws (Amendment) Bill 2024: What it means for you
4 weeks, 2 days ago

Banking Laws (Amendment) Bill 2024: What it means for you

India Today  

The Banking Laws Bill, 2024, which was passed by the Lok Sabha on Tuesday, brings in crucial reforms aimed at modernising banking practices and improving customer experience. These provisions aim to enhance the accessibility and security of banking services, especially during unforeseen events such as the depositor's death, ensuring smoother fund access for nominees while minimising complications. The bill also …

Sambit Patra's remark on Indira Gandhi sparks war of words in Parliament
Trending News
1 month ago

Sambit Patra's remark on Indira Gandhi sparks war of words in Parliament

India Today  

A heated debate erupted in the Lok Sabha during discussions on the Banking Law Bill 2024 when BJP MP Sambit Patra referenced former Prime Minister Indira Gandhi, drawing sharp protests from the Opposition. The controversy overshadowed the Bill's intended focus on banking reforms, forcing Speaker Om Birla to intervene and urge members to stay on topic, news agency PTI reported. …

Lok Sabha passes Banking Laws (Amendment) Bill, allows 4 nominees in bank accounts
1 month ago

Lok Sabha passes Banking Laws (Amendment) Bill, allows 4 nominees in bank accounts

Hindustan Times  

NEW DELHI: The Lok Sabha on Tuesday passed amendments to the banking laws permitting account holders to propose up to four nominees either successively or simultaneously with their respective shares, which will make inheritance of bank deposits smooth and unambiguous. The Banking Laws Bill, 2024 also proposes 19 amendments to five existing laws for the ease of compliance, better regulation …

Lok Sabha passes banking laws amendment bill, focus on improving bank governance
1 month ago

Lok Sabha passes banking laws amendment bill, focus on improving bank governance

Live Mint  

In a bid to improve bank governance and enhance investor protection, the government on Tuesday passed an amendment bill in the Lok Sabha that brings about changes to five banking laws. Finance minister Nirmala Sitharaman said the Banking Laws Bill will strength bank governance, provide consistency in reporting by banks to the Reserve Bank of Bank of India, ensure better …

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes
1 month ago

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes

New Indian Express  

MUMBAI: Finance Minister Nirmala Sitharaman has tabled the Banking Laws Bill in the Lok Sabha, proposing to make as many as 19 amendments, including changes in the RBI Act, the Banking Regulation Act, the SBI Act, the Banking Companies Act, and the Banking Companies Act. The bill The bill seeks to bring about changes in the RBI Act of 1934, …

Banking Law (Amendment) Bill 2024: What impact will it have on nominations in your bank account? EXPLAINED
1 month ago

Banking Law (Amendment) Bill 2024: What impact will it have on nominations in your bank account? EXPLAINED

India TV News  

The Banking Laws Bill 2024 is scheduled to be introduced in the Lok Sabha. With Banking Law Bill 2024, the government wants to capitalise the situation to boost the banking sector. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman while tabling the Union Budget 2023-24 in Parliament had said “Our vision for the Amrit Kaal includes technology-driven and knowledge-based …

Government introduces Delhi services Bill in the Lok Sabha amid vociferous protests by Opposition members
1 year, 5 months ago

Government introduces Delhi services Bill in the Lok Sabha amid vociferous protests by Opposition members

The Hindu  

Amid vociferous protests by the Opposition members, the Union government on Tuesday introduced a contentious Bill in the Lok Sabha to replace the Ordinance over control of Delhi services. The Bill, which seek to reverse the effect of a May 11 Supreme Court verdict that gave the Delhi government control over administrative services, was introduced by Minister of State for …

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here
1 year, 9 months ago

Finance Bill 2023 passed in Lok Sabha with THESE major amendments. Details here

Live Mint  

The Lok Sabha on Friday, March 24, passed the Finance Bill, 2023 with some amendments. Union Finance Minister Nirmala Sitharaman tabled ‘The Finance Bill, 2023’ in the lower house amid sloganeering by Opposition MPs demanding a JPC inquiry into the Adani Group issue. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also …

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]
4 years, 3 months ago

Lok Sabha Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]

Live Law  

The Lok Sabha on Wednesday passed the Banking Regulation Bill, 2020, by voice vote. Salient Features As per the statement and objects annexed to the Bill, "certain amendments were necessary in the parent Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner …

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act
4 years, 3 months ago

Finance minister Nirmala Sitharaman moves bill to amend Banking Regulation Act

Hindustan Times  

The Lok Sabha on Wednesday took up for consideration a bill to address the potential disruptions in the financial system by providing for the Reserve Bank of India to prepare a scheme for reconstruction or amalgamation of the banking company without the necessity of first making an order of moratorium. Moving the Banking Regulation Bill 2020 for passage of the …

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision
4 years, 3 months ago

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision

News 18  

In a bid to protect the interest of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI. The bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital, improving governance and …

Cabinet approves amendments to Aadhaar Bill
5 years, 5 months ago

Cabinet approves amendments to Aadhaar Bill

Live Mint  

New Delhi: Further strengthening Aadhar in India, the Cabinet on Wednesday approved official amendments to the Aadhaar and Other Laws Bill 2019, while providing a fillip to India's sugarcane farming sector. The Bill replaces the provision to state that an individual may voluntarily use his Aadhaar number to establish his identity, by authentication or offline verification. The Bill also states …

Seven indirect tax related laws being amended: Nirmala Sitharaman
5 years, 5 months ago

Seven indirect tax related laws being amended: Nirmala Sitharaman

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha. Apart from seven Acts related to indirect taxation being amended, the government would also be bringing changes to seven laws related to direct taxation. RSP member N K Premachandran objected …

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