The Lok Sabha on December 20 passed the Banking Laws (miscellaneous provisions) Bill to give the Reserve Bank enhanced powers for stricter supervision over commercial banks, and for ensuring more effective supervision and management of the monetary and credit system. Several Government amendments and a few moved by Mr. R.R. Morarka (Cong.) were incorporated in the Bill before it was approved. Explaining his amendments to clause five, Mr. Morarka said they sought to make the intentions of the Government “clear and precise”.
The Hindu
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