New Delhi: Union Finance Minister Nirmala Sitharaman on Wednesday will move the Banking Laws (Amendment) Bill in the Lok Sabha which aims to amend the Reserve Bank of India Act, 1934, in addition to the Banking Regulation Act, among other Bills.
What Are The Proposed Changes Under Banking Laws (Amendment) Bill, 2024?
– The Banking Laws (Amendment) Bill, 2024 amends the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
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– The Bill seeks to amend different banking laws to alter the tenure of directors of cooperative banks and expand provisions for the settlement of unclaimed amounts.
Railways (Amendment) Bill, 2024
Union Railway Minister Ashwini Vaishnaw will move The Railways (Amendment) Bill, 2024 that seeks to further amend the Railway Act, 1989. The Bill aims to amend the Railways Act of 1989 to enhance the powers of the Railways Board and improve operational efficiency.
Key provisions of the Bill include the integration of the Indian Railway Board Act, of 1905 into the Railways Act, of 1989. This move seeks to simplify the legal framework governing Indian Railways by repealing the Indian Railway Board Act, of 1905 and incorporating its provisions into the Railways Act. The changes are intended to streamline the constitution and composition of the Railway Board, thereby boosting the overall efficiency of railway operations.
Besides these two bills, Union Minister Faggan Singh Kulaste will move a motion to propose the association of a Rajya Sabha member with the committees for the welfare of Scheduled Castes and Scheduled Tribes for the term 2024-25.
BJP MPs Ganesh Singh and Rodmal Nagar will motion for the election of a Rajya Sabha member to the Committees on Welfare of Other Backward Classes for the term 2024-2025.
Union Minister Jitendra Singh will also move a motion for election of two members to the Sree Chitra Tirunal Institute for Medical Sciences and Technology, Trivandrum.
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In the Rajya Sabha, Union Minister Kinjatapu Rammohan Naidu is to move ‘The Bharatiya Vayuyan Vidheyak, 2024’ to provide for regulation and control of the design, manufacture, maintenance, possession, use, operation, sale, export and import of aircraft…, as passed by Lok Sabha, to be taken into consideration and passing.
Union Minister Hardeep Singh Puri will move The Oilfields (Regulation and Development) Amendment Bill, 2024 Bill further to amend the Oilfields (Regulation and Development) Act, 1948, and be taken into consideration for passage.
The winter session of Parliament is scheduled to begin on Monday and will continue until December 20.
