New Delhi: Union Finance Minister Nirmala Sitharaman is set to introduce the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha today, November 27. The Bill proposes changes to several key banking laws, including the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.
The amendments aim to revise the tenure of directors in cooperative banks and provide new guidelines for handling unclaimed funds, ensuring more streamlined banking governance.
Union Railway Minister Ashwini Vaishnaw will also table the Railways (Amendment) Bill, 2024, which proposes updates to the Railways Act of 1989. The Bill seeks to enhance the Indian Railways Board’s powers and improve operational efficiency by incorporating the Indian Railway Board Act, 1905, into the Railways Act, 1989. This integration is expected to simplify the legal framework governing Indian Railways and optimize the constitution and functioning of the Railway Board.
In addition to these bills, Union Minister Faggan Singh Kulaste will propose associating a Rajya Sabha member with committees addressing the welfare of Scheduled Castes and Scheduled Tribes for the 2024-25 term.
Meanwhile, BJP MPs Ganesh Singh and Rodmal Nagar will move a motion for the election of a Rajya Sabha member to the Committees on Welfare of Other Backward Classes for the same term.
Union Minister Jitendra Singh is scheduled to propose the election of two members to the governing body of the Sree Chitra Tirunal Institute for Medical Sciences and Technology, Trivandrum.
In the Rajya Sabha, Union Minister Kinjatapu Rammohan Naidu will present 'The Bharatiya Vayuyan Vidheyak, 2024.' This Bill seeks to regulate and control various aspects of aircraft design, manufacture, maintenance, and trade.
In addition, Union Minister Hardeep Singh Puri will move the Oilfields (Regulation and Development) Amendment Bill, 2024, which aims to update the Oilfields (Regulation and Development) Act, 1948.
The winter session of Parliament, which began on Monday, will continue until December 20, promising an active legislative agenda.
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Parliament Winter Session: Nirmala Sitharaman to Present Banking Law Amendments
