The Lok Sabha gave its nod for a Bill to replace the NPA Ordinance promulgated in May 2017. The Banking Regulation (Amendment) Bill 2017 sought to amend the Banking Regulation Act, 1949, for this purpose.
The NPA Ordinance had conferred powers on the Centre for authorising the Reserve Bank of India to issue directions to banks to initiate the insolvency resolution process in respect of a default, under the Insolvency and Bankruptcy Code 2016.
Important Takeaways from Above News-
- Sumitra Mahajan is the Speaker of Lok Sabha.
Source- The Hindu Business Line