In a major step to reform India's banking sector, the Lok Sabha on Tuesday passed a bill paving way for foreign investments in the sector and establishment of new private banks.
The Banking Laws (Amendment) Bill, 2011, was passed by the Lower House after two short adjournments and withdrawal of clauses allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission
The Bill, which seeks to strengthen banking regulation, was passed by the voice vote after amendments proposed by the Left Parties were rejected by the House.
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