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ARTICLE · 07 MAY 2013

Banking Law (Amendment) Bill, 2012 - An Insight

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The banking business around the world has witnessed several changes and started practicing a developed system.

IndiaFinance and Banking
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Introduction

The banking business around the world has witnessed several changes and started practicing a developed system. Therefore, it has become necessary to amend the existing banking laws to enable the banking companies in India to be at par with the international standards and in tune with the advanced technologies. The Banking Law (Amendment) Bill, 2012 ("Amendment Bill") seeks to amend the Banking Regulation Act, 1949 ("Act"), the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 to strengthen the regulatory powers of the Reserve Bank of India ("RBI") and to further develop the banking sector in India.

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