Lok
Sabha passes NABARD Bill, 2017
The Bill seeks to amend the National Bank for Agriculture and Rural Development Act, 1981. The 1981 Act
provides for the establishment of the National Bank for Agriculture and Rural
Development (NABARD). NABARD is responsible for providing and regulating
facilities like credit for agricultural and industrial development in the rural
areas.
The National Bank for Agriculture and Rural Development (NABARD)
Bill, 2017 also seeks to amend certain clauses in the light of reference of the
Micro, Small and Medium Enterprises (MSMEs) Development Act, 2006 in the
proposed legislation.
Lok Sabha passes
Banking Regulation Bill, 2017
The
Banking Regulation (Amendment) Bill, 2017 was introduced in Lok Sabha by the
Minister of Finance, Mr. Arun Jaitley, on July 24, 2017. It seeks to
amend the Banking Regulation Act, 1949 to insert provisions for handling cases
related to stressed assets. Stressed assets are loans where the borrower
has defaulted in repayment or where the loan has been restructured (such as by
changing the repayment schedule). It will replace the Banking Regulation
(Amendment) Ordinance, 2017.
Initiating insolvency proceedings: The central government may authorise the Reserve
Bank of India (RBI) to issue directions to banks for initiating proceedings in
case of a default in loan repayment. These proceedings would be under the
Insolvency and Bankruptcy Code, 2016.
Issuing directions on stressed assets: The RBI may, from time to time, issue directions to
banks for resolution of stressed assets.
Committee to advise banks: The RBI may specify authorities or committees to advise
banks on resolution of stressed assets. The members on such committees
will be appointed or approved by the RBI.
Applicability to State Bank of India: The Bill inserts a provision to state that it will also
be applicable to the State Bank of India, its subsidiaries, and Regional Rural
Banks.
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