NEW DELHI:
Parliament today passed two bills which seek to help regional rural banks raise their authorised capital and bring India’s banking payment system in sync with international practices.
The Payment and Settlement Systems (Amendment) Bill, and the Regional Rural Banks (Amendment) Bill were passed by the Lok Sabha last year and the Rajya Sabha a few days ago.
Since the two bills were moved last year, the Rajya Sabha amended them by changing their year from 2014 to 2015.
The technical amendments were moved by Minister of State for Finance Jayant Sinha in Lok Sabha today and were passed by a voice vote.
The bill to amend the Regional Rural Banks Act seeks to help Regional Rural Banks raise their authorised capital and will enable them to mop up funds from capital market to help strengthen them.
The Payments and Settlement Systems (Amendment) Bill seeks to address the problem of insolvency in the payment and settlement system by increasing transparency and stability and bring India’s banking payment system in sync with international practices. (AGENCIES)
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