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
- Leaders of Taiwan, China offer condolences for 48 dead in plane crash
- UPDATE 3-Seven arrested internationally in $1.6 million StubHub fraud
- UPDATE 2-Concordia finally heads for scrapyard after massive salvage operation
- TransAsia Airways stocks plunge after plane crashes in landing
- UPDATE 3-Ex-Jefferies trader gets 2 years in prison in fraud case
India is set to offer Nepal a landmark pact to help develop its huge hydro-electric power potential as the South Asian giant takes another step to re-assert influence among smaller neighbours where China has been forging closer ties. Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article