Press Esc to close
Thursday 28 August 2014
News updated at 2:51 AM IST
Weather
Max: 24.4°C
Min : 20.1°C
In Bangalore
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
Abhishek Bachchan posing next to the Pro Kabbadi League trophy in Bengaluru ...

Abhishek Bachchan posing next to the Pro Kabbadi League trophy in Bengaluru ...

Imran Khan  supporter waves national and party flags during what has been dubbed a 'freedom march ..

Imran Khan supporter waves national and party flags during what has been dubbed a 'freedom march ..

England's Ben Stokes fails to get to a catch during the second ODI against India ...

England's Ben Stokes fails to get to a catch during the second ODI against India ...

Narendra Modi in a meeting with President of Asian Development Bank, Takehiko Nakao in New Delhi ...

Narendra Modi in a meeting with President of Asian Development Bank, Takehiko Nakao in New Delhi ...

Family members mourn during cremation procession of Lance Naik Dhananjay Kumar who was killed ...

Family members mourn during cremation procession of Lance Naik Dhananjay Kumar who was killed ...

Crowd during cremation procession of Lance Naik Dhananjay Kumar who was killed in an encounter ...

Crowd during cremation procession of Lance Naik Dhananjay Kumar who was killed in an encounter ...

Britain's Deputy PM Nick Clegg during the inauguration of the United Kingdom India Business ...

Britain's Deputy PM Nick Clegg during the inauguration of the United Kingdom India Business ...

Dhoni is bowled by England's Chris Woakes during their second one-day international cricket match ..

Dhoni is bowled by England's Chris Woakes during their second one-day international cricket match ..

MS Dhoni bails fly as he is clean bowled by England's Chris Jordan ...

MS Dhoni bails fly as he is clean bowled by England's Chris Jordan ...

A Lord Ganesha idol decorated with 'Laddus at famous Moti Doongari temple in Jaipur ...

A Lord Ganesha idol decorated with 'Laddus at famous Moti Doongari temple in Jaipur ...

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