Lok Sahbha passes Debt Recovery Bill; Banking Laws (amendment) Bill gets stalled
By Neelima Shankar
Dec 12, 2012
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The Banking Laws (amendment) Bill 2012 met with strong opposition in Lak Sabha, raising concerns about whether it will be passed in the next few days. As a result, the bill has been listed for further discussions and passage in Lak Sabha.

However, another bill pertaining to banking sector reforms was passed in the Lower House on Monday. The Debt Recovery Bill for banking institutions was passed, due to the efforts and much support from Finance Minister P. Chidambaram. Initially, the entire opposition walked out for not having the bill referred to the Standing Committee. But, later the finance minister was able to get it approved by the members of opposition also.

The Banking Laws (amendment) Bill got stalled after Bhartiya Janta Party leader Mr. Yashwant Sinha asked Chidambaram to first refer the 3 new provisions asked for in the bill, to the Standing Committee on Finance. He was of the view that these 3 new provisions were important for introducing an entirely new bill and that the precedents set in Lower parliament call for it to be sent to the Standing panel.

After the parliament session, Chidambaram said, "This is an unprecedented objection in the history of Parliament." He accused the opposition for stalling his moves for getting the bill through the lower parliament.

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