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The Lok Sabha on Thursday postponed the discussion on the Banking Laws (Amendment) Bill, 2011 following objections by CPI leader Gurudas Dasgupta that due procedure was not followed. “The Speaker has agreed it (consideration and passage the Banking Laws (Amendment) Bill 2011) to be postponed," deputy Speaker Karia Munda announced in the House. Dasgupta has objected to taking up of the important financial reform Bill, saying that the government did not follow the procedure for consideration of the legislation in the House. The Banking Laws (Amendment) Bill seeks to amend three Acts — the Banking Regulation Act 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The consequent changes in the comprehensive amendment Bill will pave way for corporates to set up banks in the country.

‘Banks told to speed up NPA recovery’

Public sector banks have been asked to take fresh steps to speed up recovery of non-performing assets (NPAs), finance minister P Chidambaram said in the Rajya Sabha on Thursday. “The government has advised public sector banks to take a number of new initiatives to increase the pace of recovery and manage the NPAs, which include appointment of nodal officers for recovery, to conduct special drives for recovery of loss assets...," he said during the Question Hour. He said the "stress" in the economy is reflected in the increasing NPAs and they will come down once the economic situation improves.

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