|
New Delhi, May 17 : The Parliamentary Standing Committee on Finance has failed to meet even once to discuss the proposed amendments to the existing State Bank of India (SBI) Act. The Bill seeking amendments to the existing act was tabled in Parliament last year.
The SBI (Amendment) Bill would enable the country's largest bank to attract a large number of small individual investors. It would also enable SBI to issue bonus shares as well as preference shares, besides allowing the Reserve Bank of India (RBI) to transfer its shares. The amendments are especially crucial, as banks would be required to meet the stringent Basel II norms next year.
“Reforms in the financial sector have taken a backseat and this shows the government's lackadaisical approach towards the entire reform process in this sector,” a political analyst said, adding, most Bills are still to be taken up in Parliament. The government has failed to take up crucial Bills seeking reforms in the financial sector during this session of Parliament, though there were high expectations from all corners. The Budget session of Parliament will end on May 22.
Only the State Bank of India (Subsidiary Bank Laws) Amendment Bill, 2006, among all pending Bills aimed at financial sector reforms, has been passed in the current session of Parliament.
Meanwhile, the Standing Committee has submitted its report and observations on the Payment and Settlement Systems Bill. However, it is unlikely to be taken up for consideration this time.
| What it’s all about | |||||||
| FM to launch first housing index today Tough FTA rules to curb trade diversions FM to launch first housing index today Tough FTA rules to curb trade diversions Ministry plans intercropping to increase yield of pulses Rising grain prices push inflation to 4.13% House panel seeks freeze on new SEZs, wants change in the law Firms not paying CCI fines may be tried by taxmen
© 2010: The Indian Express Limited. All rights reserved throughout the world |
