Govt to drop commodity trade clause from bank bill

NEW DELHI Tue Dec 18, 2012 1:02pm IST

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010. REUTERS/Amit Dave/Files

A labourer works on the sign of a bank building in Ahmedabad November 26, 2010.

Credit: Reuters/Amit Dave/Files

Related Topics

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)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage