The government will introduce a bill in the winter session to allow the privatization of two public sector banks
With the goal of privatizing two public sector banks, the government will introduce the Banking Bill (Amendment) 2021 during the upcoming winter session of the National Assembly, starting from November 29.
The proposed bill is on the list of 26 bills expected to be introduced during the session.
For the purposes of the bill, in order to privatize two public sector banks, amendments to the Banking Companies (Acquisition and Transfer of Commitments) Acts 1970 and 1980 as well as amendments would be required. random is required to make in the Bank. Regulations Act, 1949.
The bill is listed for introduction, consideration and adoption in the upcoming winter session, according to official sources.
Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2021-2222 announced the privatization of two public sector banks as part of the government’s divestment effort to collect 1.75 Rs lakh crore in current fiscal.
In addition to this bill, another important bill expected to be introduced in the winter session is the Pension Fund Development and Administration Bill (Amendment), 2021.
The purpose of the legislation was to amend the Pension Fund Development and Administration Act (PFRDA) to allow the separation of the National Retirement System Trust from the Pension Fund Development and Administration.
The introduction of this bill would also complete the release of the 2020 budget to ensure universal pension coverage as well as strengthen the PFRDA.
With the amendment in the PFRDA Act, the sources said, the powers, functions and duties of the NPS Trust, which are now set forth under the 2015 National Pension System Trust (PFRDA) Regulations, could rest with the Fund. charity or the Companies Act.
The aim behind this is to keep the NPS Trust separate from the pensions regulator and governed by a competent 15-member board. In addition, the majority of members can come from the government as they, including the states, are the largest contributors to the assemblage.
