Press Esc to close
Saturday 23 May 2015
News updated at 9:44 PM IST
Weather
Max: 31.5°C
Min : 22.8°C
In Bengaluru
Sunny day

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
Gujjar community protest in Meerut...

Gujjar community protest in Meerut...

A man pedals his cycle at Vijay Chowk on a hot day in New Delhi...

A man pedals his cycle at Vijay Chowk on a hot day in New Delhi...

Protest against mowing down of a Dalit...

Protest against mowing down of a Dalit...

F1 - Monaco Grand Prix 2015...

F1 - Monaco Grand Prix 2015...

A devotee walks at sunset on the bank of Sangam, the confluence of River Ganga...

A devotee walks at sunset on the bank of Sangam, the confluence of River Ganga...

AIADMK supporters clean a poster of party general secretary J Jayalalithaa with milk...

AIADMK supporters clean a poster of party general secretary J Jayalalithaa with milk...

AIADMK supremo J Jayalalithaa takes oath as the Chief Minister of Tamil Nadu...

AIADMK supremo J Jayalalithaa takes oath as the Chief Minister of Tamil Nadu...

Aishwarya Rai Bachchan with her daughter Aaradhya spotted while returning from Cannes festival...

Aishwarya Rai Bachchan with her daughter Aaradhya spotted while returning from Cannes festival...

A passenger train after it derailed at Basugaon in Chirang district of Assam...

A passenger train after it derailed at Basugaon in Chirang district of Assam...

A passenger train hangs from a bridge after it derailed at Basugaon in Chirang district of Assam...

A passenger train hangs from a bridge after it derailed at Basugaon in Chirang district of Assam...

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