Banking Overhaul Ahead: Nirmala Sitharaman To Present Key Amendments In Lok Sabha

As the Parliament convenes for the ongoing Budget Session on Friday, Union Finance Minister Nirmala Sitharaman will introduce new Bills, including the Banking Laws (Amendment) Bill, 2024, which aims to amend the Reserve Bank of India Act, the Banking Regulation Act, and the State Bank of India Act, among others, in the Lok Sabha.

The Finance Minister will also introduce Bills to amend the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1980.

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According to the revised list of business for the Lok Sabha, Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, will introduce a Bill to provide for the responsibilities, liabilities, rights, and immunities attached to carriers concerning the carriage of goods by sea and for matters connected therewith or related thereto. He will also introduce a Bill to make provisions for the transfer of rights of suit and all liabilities to the consignee named in a bill of lading and every endorsee of a bill of lading, to whom the property in the goods mentioned in the bill of lading shall pass, upon or because of a consignment or an endorsement, and for matters connected therewith or related thereto.

Union Railway Minister Ashwini Vaishnaw will introduce a Bill seeking leave to introduce a Bill further to amend the Railways Act of 1989.

Union Minister for Civil Aviation, Rammohan Naidu Kinjarapu, will introduce a Bill to provide for the regulation and control of the design, manufacture, maintenance, possession, use, operation, sale, export, and import of aircraft and for matters connected therewith or incidental thereto.

Union Minister Arjun Ram Meghwal will move the Bill to enable the reservation of seats in accordance with Article 332 of the Constitution for the effective democratic participation of members of Scheduled Tribes and to provide for the readjustment of seats in the Legislative Assembly of the State of Goa, as necessitated by the inclusion of certain communities in the list of Scheduled Tribes in the State of Goa and for matters connected therewith or incidental thereto.

Union Minister of Parliamentary Affairs Kiren Rijiju and Congress MP will move a motion in the Lok Sabha: “That this House do agree with the Third Report of the Business Advisory Committee presented to the House on August 8, 2024.”

Additionally, various ministers, including Prataprao Jadhav, Pankaj Chaudhary, Anupriya Patel, Shantanu Thakur, and Savitri Thakur, will lay papers on the Table.

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