Press Esc to close
Saturday 27 August 2016
News updated at 1:24 PM IST
Weather
Max: 28.7°C
Min : 19.9°C
In Bengaluru
Generally cloudy

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
A view floods at the banks of Ganga River at Daraganj area in Allahabad on Friday...

A view floods at the banks of Ganga River at Daraganj area in Allahabad on Friday...

An ariel view of Mysuru Palace on Friday...

An ariel view of Mysuru Palace on Friday...

Bollywood actress Chitrangada Singh and Regional Director Alok Srivastav launching Gionee phone...

Bollywood actress Chitrangada Singh and Regional Director Alok Srivastav launching Gionee phone...

Citizens hold placards and raise slogans to protest against the killing of civilians...

Citizens hold placards and raise slogans to protest against the killing of civilians...

A boy and a dog enjoy the shower after a BMC pipeline burst...

A boy and a dog enjoy the shower after a BMC pipeline burst...

Chief Minister V Narayanasamy accompanied by his cabinet colleagues pays floral tribute...

Chief Minister V Narayanasamy accompanied by his cabinet colleagues pays floral tribute...

First Batch of 6 elephants arrives to Mysuru Palace ahead of Dasara celebrations at Mysuru...

First Batch of 6 elephants arrives to Mysuru Palace ahead of Dasara celebrations at Mysuru...

Shramjeevi sanghatana tribal community protest against BJP goverment's Maharashtra Protection...

Shramjeevi sanghatana tribal community protest against BJP goverment's Maharashtra Protection...

Digital Playground at Arge Helios apartments, Hennur Bagalur Road...

Digital Playground at Arge Helios apartments, Hennur Bagalur Road...

Children dressed Radha Krishna on the occasion of Sri Krishna Janmashtami celebrations...

Children dressed Radha Krishna on the occasion of Sri Krishna Janmashtami celebrations...

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