Sunday, February 5, 2023
HomeNationalCentre to move Banking Regulation Bill in Lok Sabha

Centre to move Banking Regulation Bill in Lok Sabha

The Central government will move Banking Regulation (Amendment) Bill, 2020 along with two other Bills on farmers for their passage in the Lok Sabha on Wednesday during the ongoing Monsoon Session.

The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; and the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020 are the two other bills which will be moved after an hour of the House will assemble at 3 p.m. during the day.

Finance Minister Nirmala Sitharaman will move the Banking Regulation (Amendment) Bill, 2020 to amend the Banking Regulation Act, 1949 for consideration and passing.

Sitharaman will move the Bill with new amendments. On the first day of the session, Sitharaman withdrew the Bill saying “it is being withdrawn to add few new things giving Reserve Bank of India a chance to be able to restructure distressed cooperative banks, which are in serious need”.

The Bill was passed on March 3 this year during the Budget Session and subsequently an ordinance was passed.

However, Agriculture Minister Narendra Singh Tomar will move the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 for the creation of an ecosystem.

In the new ecosystem farmers and traders, as per the government, will enjoy the freedom of choice relating to the sale and purchase of their produce which facilitates remunerative prices through competitive alternative trading channels to promote efficient, transparent, and barrier-free inter-state and intra-state trade and commerce.

The farmers’ produce will go outside physical premises of markets or deemed markets notified under various state agricultural produce market legislations to provide a facilitative framework for electronic trading.

Through the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020, the Agriculture Minister aimed at providing a national framework on farming agreements that protects and empowers farmers to engage with agri-business firms, processors, wholesalers, exporters, or large retailers.

This move targets farm services and sale of future farming produce at a

mutually agreed on the remunerative price framework in a fair and transparent manner.

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