Banking Amendment Bill-2012

|Par passes banking bill, paves way for setting up more banks |
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|The Financial Express |
|Published on December 21, 2012 |
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|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. |
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|"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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