Debate Heats Up Over Banking Laws (Amendment) Bill, 2024 in Rajya Sabha

Members of the Rajya Sabha expressed concerns about the Banking Laws (Amendment) Bill, 2024, citing issues like insufficient scope and oversight of rural banks. Discussions emphasized the need for updates to tackle challenges posed by technology and highlight systemic banking vulnerabilities, calling for stronger governance and transparency measures.

In a heated session of the Rajya Sabha, opposition members voiced significant concerns over the Banking Laws (Amendment) Bill, 2024. The proposed legislation, they argue, does not adequately address the rapidly changing financial landscape, potentially leaving systemic vulnerabilities unchecked.

Harish Beeren of the IUML highlighted the need for comprehensive scrutiny of amendments to crucial banking laws, cautioning against their passage in a 'single stroke.' Parallelly, NCP's Fauzia Khan criticized the proposed bill for its narrow scope and urged indexing financial thresholds to inflation and economic conditions.

With the rise of new technologies such as artificial intelligence, Khan warned of unrecognized risks, underscoring the need for transparency in decision-making. The debate also touched on India's banking mismanagement, as asserted by CPI's P P Suneer, while BJP's Sikander Kumar defended the bill's provisions aimed at improving governance and investor confidence.

(With inputs from agencies.)