Press Information Bureau

Government of India

Ministry of Finance

16-March-2012 14:06 IST

Government Undertakes Financial Sector Legislative Reforms

The Union Finance Minister ShriPranab Mukherjee while presenting the Union Budget 2012-13 in the LokSabha today said that government proposes to take forward the process of Financial Sector Legislative Reforms. Announcing this during his Budget speech, the Union Finance Minister ShriPranab Mukherjee stated that following bills will be moved in the current Budget session of the Parliament.

• The Micro Finance Institutions (Development and Regulation) Bill, 2012.

• The National Housing Bank (Amendment) Bill, 2012.

• The small Industries Development Bank of India (Amendment) Bill, 2012.

• National Bank for Agriculture and Rural Development (Amendment) Bill, 2012.

• Regional Rural Banks (Amendment) Bill, 2012.

• Indian Stamp (Amendment) Bill, 2012.

• Public Debt Management Agency of India Bill, 2012.

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DSM/RC/SKS/7

Financial sector legislative reform announced to strengthen regulation of microfinance, housing, rural banking and public debt management. The government proposes multiple bills to advance financial sector legislative reform, including dedicated regulation for microfinance, amendments to housing, small industry, agricultural and regional rural banking statutes, an amendment to stamp law affecting financial transactions, and a Public Debt Management Agency Bill to establish an institutional mechanism for public debt management.