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Privatization of Public Banks: Bill in Parliament for privatization of two public sector banks, amendment in pension law

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Parliament Winter Session: Two important bills will be introduced in Parliament. (symbolic picture)

New Delhi:

two government privatization of banks For (Banks Privatization), the Central Government is going to bring a bill in the winter session of Parliament. Winter session is starting from 29th November i.e. next Monday. During this, the government will introduce the Banking Laws (Amendment) Bill, 2021 in Parliament for privatization. The government intends to introduce a total of 26 bills in this session. According to official sources, the Banking Laws (Amendment) Bill, 2021 is listed for this session. Maybe this bill can be passed in this session.

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Let us tell you that while presenting the Union Budget in February this year, Finance Minister Nirmala Sitharaman had announced to bring a bill for the privatization of two public sector banks. The government is aiming to raise 1.75 lakh crore through disinvestment in the current financial year, under which the government is preparing the way for investment of two public sector banks.

Now since there is a need to amend the banking laws for the privatization of banks, the government is bringing this bill. In this bill, there is a provision to amend the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980, while some changes are to be made in the Banking Regulation Act, 1949 as well.

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Separate bill for NPS trust

Apart from this, an important bill related to pension is also going to be introduced in this winter session. To amend the Pension Fund Regulatory and Development Authority (PFRDA) Act, the government is bringing the Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021. Its purpose is to separate the National Pension System from the PFRDA, the organization that looks after the work of the Government Pension Department.

In Budget-2020, the central government had announced the implementation of universal pension coverage, with this bill the government also wants to achieve this goal. Sources have said that with the amendment in the PFRDA Act, the power, implementation and liability of NPS trust will come under any charitable trust or companies act. NPS Trust currently comes under PFRDA Regulations 2015.

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In fact, the government wants to keep the NPS Trust separate from the pension regulatory body and hand over its management to a 15-member board. Since most of the money in this fund comes from the central government, in this board, apart from the members of the state government, most of the members can be from the central government.

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