Government likely to introduce 2 key financial sector bills in Winter Session

Government likely to introduce 2 key financial sector bills in Winter Session

The government may introduce two key financial sector bills, including the proposed law for facilitating privatization of public sector banks as announced by the finance minister in the Budget. The government is also likely to table amendments to the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, to enable separation of the National Pension System Trust (NPS) from the PFRDA for ensuring universal pension coverage.

The government is likely to table amendments in the Banking Regulation Act, 1949, during the forthcoming Winter Session of Parliament, sources said. Apart from this, amendments would be needed in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, for privatization of banks, sources said. These Acts led to the nationalization of banks in two phases and provisions of these laws have to be changed for the privatization of banks, they said.

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