FULL TRANSCRIPT
Madam, under rule 72(1), I oppose the introduction of The Banking Regulation (Amendment) Ordinance, 2017. This is a desperate step by a desperate Government. When the banks have reached stressed assets of Rs 9.64 lakh crore, the RBI is being giving the power to refer matters relating to stressed assets to the Insolvency and Bankruptcy Board.
Earlier also, the RBI had the power to regulate banks but they have totally failed in their action. And it is the same RBI, which did demonetisation and till now has been not able to count the old notes that were deposited with them.
By giving this power to RBI, we detract from its regulatory powers and macroeconomic responsibilities and involve the RBI in microeconomic matters; this will render the management of bank useless, without any work.
That is why we have also opposed the Ordinance because there is no urgency on this matter. NPAs have been rising in this country for a long time. So I want this Bill to be referred to the Standing Committee of Finance.