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
- China should set lower 2015 GDP growth target of 6.5-7 pct - IMF
- Netanyahu vows to complete Gaza tunnels destruction
- U.S. says hopeful of WTO deal with India only hours before deadline
- Cricket - India four down and facing England defeat
- UPDATE 2-Argentina defaults but investors see deal possible eventually
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article