The Lok Sabha has passed the Banking Laws Amendment Bill, with Finance Minister Nirmala Sitharaman emphasizing its role in strengthening the governance framework of banks and improving customer convenience. The bill includes provisions to modernize banking regulations and ensure greater efficiency in financial services.
During the debate, the Finance Minister highlighted that the amendments aim to bolster the operational autonomy of banks and improve their accountability. The bill also seeks to enhance the security of deposits and introduce measures for faster resolution of banking disputes.
However, the Opposition criticized the government, raising concerns about inflation outpacing economic growth. Opposition members argued that the amendments, while addressing governance, fail to address broader economic challenges, including rising prices and unemployment.
Despite criticism, the government defended the bill, stating that the proposed changes would lead to a more robust and customer-focused banking system, ultimately contributing to the stability of the financial sector. The bill now moves to the Rajya Sabha for consideration.
