Monday, February 28, 2011

Slew of Financial Sector Legislative Reforms Proposed New Guidelines for Banking Licenses to be Out in the Current Financial Year

Shri Pranab Mukherjee, the Union Finance Minister has said that the Government is committed to take the process of financial sector reforms further and proposes to move the following legislations in the financial sector.

i. The Insurance Laws (Amendment) Bill, 2008;

ii. The Life Insurance Corporation (Amendment) Bill, 2009;

iii. The revised Pension Fund Regulatory and Development Authority Bill, first introduced in 2005;

iv. Banking Laws Amendment Bill, 2011;

v. Bill on Factoring and Assignment of Receivables;

vi. The State Bank of India(Subsidiary Banks Laws) Amendment Bill, 2009; and

vii. Bill to amend RDBFI Act 1993 and SARFAESI Act 2002.

The Finance Minister also stated that amendments are proposed to the Banking Regulation Act to give some additional licenses to the private sector players. He mentioned that the discussion by way of inviting feedback from the public on the paper issued in this context by the Reserve Bank of India (RBI) in August 2010 is complete. Shri Mukherjee said, he proposes to bring in this regard in the current Session and RBI is planning to issue the guidelines for banking licenses before close of this financial year.

No comments: