India Inc welcomes new Banking Bill

Reacting to the passage of much-awaited Banking Amendment Bill, FICCI President Naina Lal Kidwai said it is an important piece of legislation that will the foundation for many reforms in the banking sector.

"This will help expand the reach of banking services to the financially excluded," she said.

CII President Adi Godrej also welcomed the passage of the Bill. "This will help pave way for RBI to give a nod to new banks in private sector as also attract investments in this important sector. With the growing financing needs of the economy, further strengthening of this sector would be of immense benefit," he said.

 

Rashesh Shah, chairman and chief executive, Edelweiss group, financial services outfit, said: "Nod to Banking Laws Amendment Bill in Lok Sabha, giving more powers to Reserve Bank of India is one more step among slew of reforms which investors will welcome. The financial sector RBI’s final guidelines on licences for opening new private banks are keenly awaited," he said.

When asked about his finance company’s interest to apply, he said, "It was too early to talk in details. Many groups and entities would apply, it will depend RBI’s policy on giving licences."