The winter session of Parliament will consider 15 bills, including the Banking Laws (Amendment) Bill, 2024, which aims to amend five banking laws to streamline services and governance standards, including allowing up to four nominees for a depositor.
During the course of the session, the government is also expected to introduce a bill to amend insurance laws to raise the foreign direct investment (FDI) limit to 100% from 74% at present, and introduce composite licensing of life and non-life insurance. However, the bill has not yet been listed, according to sources.
The winter session will begin on November 25 and end on December 20,
Besides allowing up to four nominees for a depositor from one now, the Banking Laws (Amendment) Bill, 2024 seeks to raise the tenure of directors in cooperative banks from 8 years to 10 years. The Bill, which was introduced in August in Lok Sabha, also seeks to provide consistency in reporting by banks to the RBI, ensure better protection for depositors and investors, improve audit quality in Public Sector Banks and enhance the threshold in the ‘substantial interest’ clause of directors in firms seeking loans. For one locker, if it has been allotted to more than one customer, they can nominate a maximum of up to four nominees from two now.
The Oilfields (Regulation and Development) Amendment Bill, 2024, aims to ensure policy stability for oil and gas producers and allow international arbitration and extend lease periods over areas for producing fossil fuels. It also seeks to decriminalise some of the provisions of the original 1948 law by introducing “penalties, adjudication by an adjudicating authority and appeal as against the order of adjudicating authority”.
Given that existing players are insufficient to serve the 1.4 billion population, the government is likely to introduce a bill to raise the foreign direct investment (FDI) limit in insurance companies from the current 74% to 100%. The bill is also expected to streamline insurance laws by introducing composite licensing for life and non-life insurance businesses.
The bill likely be introduced during the winter session after Cabinet clears it, sources said.
With the ongoing tension between the ruling Bharatiya Janata Party and Opposition parties, the session is expected to be turbulent on several fronts, including the Waqf (Amendment) Bill, 2024. The Bill aims to streamline the management and administration of Waqf properties in India.
The government will also introduce the Merchant Shipping Bill, 2024, which seeks to ensure compliance with India’s obligation under maritime treaties to which India is a party and ensure the development of Indian shipping and efficient maintenance of Indian mercantile marine in a manner best suited to serve the national interest.