Press Esc to close
Sunday 01 March 2015
News updated at 8:16 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

Rajya Sabha okays banking laws amendment bill

New Delhi, Dec 20 , 2012 (IANS)

 Parliament Thursday passed the banking laws amendment bill, paving the way for issuance of new bank licences and consolidation in the sector.

The upper house of the parliament Thursday cleared the bill, two days after the Lok Sabha, the lower house, gave the legislation its nod.

The Banking Laws (Amendment) Bill, 2012, which has now been cleared by both houses of parliament, seeks to increase voting rights of investors in the private sector banks to 26 percent from the existing 10 percent.

This will make the Indian banking sector attractive for the overseas investors and is expected to lead to consolidation in the industry.

The new regulation gives power to the Reserve Bank of India (RBI) to issue new bank licences.

Winding up discussion on the bill in the house, Finance Minister P. Chidambaram said the modified legislation would help create “world size” banks in India.

“We need more banks. Yes, we are opening new branches, but that's not enough... We need two-three world size banks,” said Chidambaram, adding the new regulation would help achieve this objective.


Go to Top

Photo Gallery
Union Budget 2015-2016 viewing session at ASSOCHAM in New Delhi on Saturday...

Union Budget 2015-2016 viewing session at ASSOCHAM in New Delhi on Saturday...

Narendra Modi and other BJP members during presentation of the Union Budget 2015-16...

Narendra Modi and other BJP members during presentation of the Union Budget 2015-16...

An Indian worker carries a sack of onions at a wholesale market in Hyderabad, India...

An Indian worker carries a sack of onions at a wholesale market in Hyderabad, India...

BJP MP Kirti Azad carrying his copy of the Union Budget 2015-16 at the Parliament House...

BJP MP Kirti Azad carrying his copy of the Union Budget 2015-16 at the Parliament House...

Farmers listening to the Union budget 2015-16 speech on radio at a village in South Dinajpur...

Farmers listening to the Union budget 2015-16 speech on radio at a village in South Dinajpur...

A display board shows the share prices at the Bombay Stock Exchange...

A display board shows the share prices at the Bombay Stock Exchange...

Arun Jaitley along with MoS Finance Jayant Sinha addressing the post budget press conference...

Arun Jaitley along with MoS Finance Jayant Sinha addressing the post budget press conference...

Arun Jaitley along with MOS Finance Jayant Sinha leave Parliament after presenting the annual...

Arun Jaitley along with MOS Finance Jayant Sinha leave Parliament after presenting the annual...

Rohit Sharma and Virat Kohli embrace after defeating the UAE at their Cricket World Cup...

Rohit Sharma and Virat Kohli embrace after defeating the UAE at their Cricket World Cup...

Supporters of India's Cricket World Cup team wave the national flag during their match...

Supporters of India's Cricket World Cup team wave the national flag during their match...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523