In the forthcoming Winter session of Parliament, the government will introduce the Banking Laws (Amendment) Bill 2021, which is aimed to privatise two public banks and would commence from November 29.
There is a list of 26 bills, which are scheduled to be introduced during the winter session of Parliament. Among these bills, Banking Laws (Amendment) Bill 2021 is also expected to be introduced.
Amendments are needed to be made in Banking Companies ( Acquisition and Transfer of Undertakings) Acts, 1970 and 1980, along with incidental amendments made in the Banking Regulation Act, 1949, in order to privatise the two public sector banks, according to the purpose of the bill.
According to official sources, the bill is listed to be introduced and to be considered as well as to be passed during this forthcoming Winter session.
While presenting the Union Budget for 2021-22, the finance minister, Nirmala Sitharaman, had announced as a part of the government’s disinvestment drive to privatise two public sector banks and in the current fiscal to garner Rs 1.75 lakh crore.
In the Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021, another significant bill is scheduled to be introduced in the winter session of the Parliament.
The purpose of the legislation is the betterment of the Pension Fund Regulatory and Development Authority (PFRDA) Act by enabling the separation of National Pension System Trust from Pension Fund Regulatory and Development Authority (PFRDA).
The budget announcement of 2020 would also be fulfilled during the introduction of this bill, along with strengthening Pension Fund Regulatory and Development Authority (PFRDA); the universal pension coverage would also be ensured.
Official sources said that with the amendment in the Pension Fund Regulatory & Development Authority, functions, power, and duties of NPS Trust may come under the Companies Act or a Charitable Trust, which are as of now laid down under PFRDSA (National Pension System Trust) Regulations 2015.
The separation of the National Pension System (NPS) Trust from the pension regulator and to be managed by a competent board of 15 members The main aim behind this.
The majority out of these 15 board members would comprise government officials as they are the most significant contributor to the corpus, including states.