STOCK MARKET BSE NSE

Banking Regulation Amendment Bill introduced in LS; Opposition says 'encroaching rights of states'

Opposition members, including Shashi Tharoor of the Congress and Saugata Roy of the Trinamool Congress, opposed the bill, accusing the Centre of encroaching on the rights of states.

Published: 14th September 2020 03:38 PM  |   Last Updated: 14th September 2020 03:38 PM   |  A+A-

Parliament House, Lok Sabha

Centre introduced in Lok Sabha the Banking Regulation (Amendment) Bill. (Photo | PTI)

By PTI

NEW DELHI: Government on Monday introduced in Lok Sabha the Banking Regulation (Amendment) Bill, which seeks to bring cooperative banks on par with developments in the banking sector through their better management and proper regulation to protect the interests of depositors.

Opposition members, including Shashi Tharoor of the Congress and Saugata Roy of the Trinamool Congress, opposed the bill, accusing the Centre of encroaching on the rights of states.

Finance Minister Nirmala Sitharaman rejected the charge, asserting that state cooperative laws are not being touched and that the proposed law seeks to bring these banks with same regulations that are applicable on other banks.

ALSO READ | Lok Sabha adopts motion to do away with Question Hour, private members' business

It is applicable to those cooperative banks which deal with "bank, banker and banking," she said, adding that as many as 277 urban cooperative banks have reported losses.

Tharoor said the bill is an encroachment on federalism, while Roy claimed it attacks "state rights".

Ruling party members also opposed Roy's personal remarks targeting Sitharaman, with Parliamentary Affairs Minister Pralhad Joshi demanding his apology.

Speaker Om Birla said Roy's comments have been expunged.

The finance minister also introduced the Factoring Regulation (Amendment) Bill, 2020.

ALSO WATCH:


Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp