<h1>Government to Reform Financial Sector: New Bills Target Insurance, Banking, Pension Laws, and More Private Banking Licenses.</h1> The government plans to advance financial sector reforms by introducing several legislative amendments. Proposed bills include changes to insurance laws, life insurance corporation regulations, pension fund oversight, banking laws, and the State Bank of India subsidiary laws. Additionally, amendments to the Banking Regulation Act aim to issue more licenses to private sector players. The Reserve Bank of India has completed public consultations on the matter, and new banking license guidelines are expected before the end of the financial year. These efforts underscore the government's commitment to modernizing the financial sector.