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Lok Sabha passes The Banking Laws (Amendment) Bill 2024

The Lok Sabha passed the Banking Laws (Amendment) Bill, 2024, on December 3, 2024, which aims to enhance the governance and operational efficiency of banks in India. The bill introduces several key amendments including the provision for the government to appoint or remove directors of public sector banks, thereby increasing its oversight. It also allows for the merger or amalgamation of banks without the need for shareholder approval, streamlining the process. Additionally, the legislation seeks to strengthen the regulatory framework by empowering the Reserve Bank of India (RBI) with more authority to manage and supervise banking operations, particularly in areas like risk management and financial stability. The bill was introduced to address the challenges faced by the banking sector, including non-performing assets (NPAs) and to foster a more robust banking environment conducive to economic growth.

Read the Full Business Standard Article at:
[ https://www.business-standard.com/markets/capital-market-news/lok-sabha-passes-the-banking-laws-amendment-bill-2024-124120301270_1.html ]