Govt to drop commodity trade clause from bank bill
NEW DELHI (Reuters) - The government will drop a controversial clause from a banking bill pending in parliament that would have allowed banks to trade in commodity futures, Parliamentary Affairs Minister Kamal Nath said on Tuesday.
Opposition to the clause threatened to stall the passing of the bill, which is aimed at drawing foreign investment into the banking sector and increasing the Reserve Bank of India's (RBI) regulatory oversight in local banks.
"We are dropping the future clause in the banking amendment bill," Nath told Reuters.
The bill could voted on in the lower house of parliament as soon as Tuesday.
(Reporting by Nigam Prusty; Writing by Matthias Williams; Editing by Frank Jack Daniel)
- Tweet this
- Share this
- Digg this
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article