.......RBI wants the Banking Laws (Amendment) Bill to be first cleared by Parliament and then initiate the process of providing new licences. But many in the government, including chairman of the Prime Minister’s Economic Advisory Council C Rangarajan, are of the view that new licences can be issued according to current banking regulations and the law could be modified in due course. In the changed circumstances — with finance minister P Chidambaram at the helm of affairs and government’s resolve to push economic reforms — the chances of the idea moving ahead has increased, officials pointed out. They said that the differences between RBI and the Competition Commission of India (CCI) over powers to review mergers and acquisitions will also have to be resolved if the government decides to go ahead and take Parliament’s nod to the Banking Laws (Amendment) Bill in the winter session even though it is difficult to pass any Bill in the current political situation........
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