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Wednesday, August 31, 2011

Rajya Sabha passes SBI Bill

New Delhi: Rajya Sabha on Tuesday passed a bill which seeks to transfer powers to the Central Government from the Reserve Bank of India with regard to SBI subsidiary State Bank of Hyderabad with an amendment moved by a BJP member.

The transfer of powers to the Centre has been necessitated after the ownership of the SBI was transfered from the RBI to the Government. The Bill was passed amid din even as the debate on it remained inconclusive. The Upper House saw repeated adjournments after noon following protests by BJP over appointment of Lokayukta by the Governor in Gujarat.

The Government agreed to an amendment by Piyush Goyal (BJP), who detected a technical flaw in the Bill. He had pointed out that the State Bank of India (Subsidiary Banks Laws) Amendment Bill, 2009, which was before the House, was not the same that was sent to the Standing Committee. As soon as the House reassembled, the BJP members continued their protest trooping into the well.

Even as they were shouting slogans against Gujarat Governor, Minister of State for Finance Namo Narain Meena moved the Bill for consideration of the House. Before P J Kurien, who was in the Chair, adjourned the House for the day, he asked for a voice vote and approved the Bill.

Source: Financial Express


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