The finance ministry is preparing to introduce the amendment of the Banking Regulation Act, repeal of State Bank of India (Subsidiary Banks) Act, 1959 along with several other bills in the monsoon session of Parliament, likely to begin on July 17.
Besides, the government is working on the Banning of Unregulated Deposit Schemes and Protection of Depositors Interests Bill. The Department of Financial Services (DFS) is preparing a draft bill in this regard and will shortly approach the cabinet for its nod. The proposed legislation seeks to provide a comprehensive code to ban unregulated deposit schemes and protect interests of depositors. The DFS is also working on introducing an amendment in the Negotiable Instruments Act (NIA) in the upcoming session.
Also, the government is likely to introduce the Financial Resolution and Deposit Insurance Bill. The proposed law deals in matters concerning insolvency of banks, insurance companies and other financial services firms under the Bankruptcy Code, 2016. Last month, the cabinet headed by Prime Minister Narendra Modi had approved the proposal to introduce the bill in Parliament.