Prevention of Corruption Act will boost business environment: FICCI

As India's public sector bankers have breathed a huge sigh of relief with the long-awaited amendment of the Prevention of Corruption Act in the Parliament, Federation of Indian Chambers of Commerce and Industry (FICCI) president Rashesh Shah has also welcomed the decision.

"This will help in expediting the decision-making process in the government besides a revival in bank lending," said Shah.

The amendments propose significant changes to the anti-corruption law, ranging from redefining criminal misconduct to bringing collusive bribe givers under the lens of the investigative agencies.

"The applicability of the law only if any official has accumulated assets disproportionate to his income or has misappropriated assets, will go a long way in protecting the honest officials from undue harassment," added Shah.

"Overall, this will help in improving the ease of doing the business scenario in the country," Shah concluded.

In order to prevent honest bankers from prosecuting agencies, the Parliament passed the Prevention of Corruption Act (Amendment) Bill, 2018 on Tuesday.