Banking Amendment Bill-2012

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|Par passes banking bill, paves way for setting up more banks | | | |The Financial Express | |Published on December 21, 2012 | | | |New Delhi, December 20: Parliament today paved the way for corporate houses to enter the banking sector by approving the banking | |bill, a key reform legislation pending for long. Parliament also passed the amendments to the debt recovery laws or Sarfesi law | |after a reply by Finance Minister P Chidambaram on the combined discussion on the two bills in Rajya Sabha. These two Bills -- | |Banking Laws (Amendment) Bill, 2012, and Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012, -- he | |said, will strengthen the financial sector and help in establishing large-sized banks, besides promoting financial inclusion. | | | |"We need 2-3 world-sized banks. China has three among the world's top 20. We have none. We need more banks," he said. "Banks have | |opened 6,489 branches in 2011-12 alone, that is around 18-19 per day. We don't have the capacity to open more branch. We need | |banks," he said. | |...
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