Aiming to privatise two public sector banks, the federal government will introduce the Banking Legal guidelines (Modification) Bill 2021 within the forthcoming Winter session of Parliament, which can start from November 29.
The proposed laws is among the many record of 26 payments that are scheduled to be launched throughout the session.
In line with the aim of the invoice, with a view to privatise two public sector banks, amendments have to be made in Banking Corporations (Acquisition and Switch of Undertakings) Acts, 1970 and 1980 in addition to incidental amendments are required to be made within the Banking Regulation Act, 1949.
The invoice is listed for introduction, consideration in addition to passing throughout the forthcoming Winter session, in accordance with official sources.
Finance minister Nirmala Sitharaman whereas presenting the Union Finances for 2021-22 22 had introduced the privatisation of two public sector banks as a part of the federal government’s disinvestment drive to garner Rs 1.75 lakh crore within the present fiscal.
Other than this, one other vital invoice scheduled to be launched within the Winter session is the Pension Fund Regulatory and Improvement Authority (Modification) Bill, 2021.
The aim of the laws is to amend the Pension Fund Regulatory and Improvement Authority (PFRDA) Act to allow separation of Nationwide Pension System Belief from Pension Fund Regulatory and Improvement Authority.
Introduction of this invoice will even fulfill the funds announcement of 2020 for guaranteeing common pension protection in addition to strengthening PFRDA.
With the modification within the PFRDA Act, sources mentioned, powers, capabilities and duties of NPS Belief, that are at the moment laid down below PFRDA (Nationwide Pension System Belief) Rules 2015, might come below a charitable Belief or the Corporations Act.
The goal behind that is to maintain NPS Belief separate from the pension regulator and managed by a reliable board of 15 members. Out of this, the vast majority of members are more likely to be from the federal government as they, together with states, are the most important contributor to the corpus.