Press Esc to close
Tuesday 28 March 2017
News updated at 11:07 PM IST

Amendment to banking law passed

New Delhi, Dec 18, 2012, DHNS:
An amendment bill to strengthen the Reserve Bank of India (RBI) was passed by the Lok Sabha on Tuesday after government, bowing to pressure from the Opposition, withdrew contentious clauses from the legislation, including one that sought to allow public sector banks enter commodity futures trading.

“The objectives of this bill are fairly simple. Most of the provisions of the bill are intended to strengthen the regulator, the RBI. The bill is too important for me. This bill should pass because the RBI is waiting for it to acquire additional powers. I agree not to press the (contentious) clauses,” Finance Minister P Chidambaram said, concluding the discussion on the Banking Laws (Amendment) Bill.

The provision to allow banks to enter commodity futures trading was based on the recommendations of the standing committee on food and consumer affairs and report of the Reserve Bank's working group, the Finance Minister said.

“As we acknowledge the sage advice of one standing committee, we also acknowledge the advice of another standing committee. After the principal Opposition party and some others said, please do not press that clause, I said, all right, I will not press that clause,” he added.

The legislation, which saw intense debate in the Lok Sabha, was passed by voice vote. The amendments proposed by the Left parties were rejected.

Go to Top

Photo Gallery
Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Smoke billowing out of the house which was targeted by the security forces personnel for...

Smoke billowing out of the house which was targeted by the security forces personnel for...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

A huge fish that was found in the sea near Vijaydurg in Sindhudurg, Maharashtra on Monday....

A huge fish that was found in the sea near Vijaydurg in Sindhudurg, Maharashtra on Monday....

Jaime Yarza (3rdL), Head of Tournament FIFA and Javier Ceppi (R),Tournament Director, LOCFIFA....

Jaime Yarza (3rdL), Head of Tournament FIFA and Javier Ceppi (R),Tournament Director, LOCFIFA....

Indian players during the tea break at the 3rd day of last test match against Australia at HPCA...

Indian players during the tea break at the 3rd day of last test match against Australia at HPCA...

Guillaume Sicard, President, Nissan India Operations poses with the newly launched New Terrano...

Guillaume Sicard, President, Nissan India Operations poses with the newly launched New Terrano...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523