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If the pace at which the Joint Committee on the FRDI Bill has held proceedings is any indication, the Centre seems to have developed cold feet on getting the legislation passed. In January, the committee has had all but two sittings.
The panel has a mandate till April 6, the last day of the Budget Session of Parliament, but sources confirm that it is likely to seek yet another extension.
A panel member said the Centre had not responded to serious issues raised by regulators, banks, insurance agencies and other stakeholders on the Bill. “The Bill needs serious rework. It is all set to see drastic changes,” the member said. Based on the responses from stakeholders and the government, the members had sought clarifications from the Centre. “We are awaiting clarifications for most of our queries,” another member said.
Recently, the National Institute of Public Finance and Policy, the National Federation of Urban Cooperative Banks and Credit Societies Limited, Insolvency and Bankruptcy Board of India, Society of Insolvency Practitioners of India, National Alliance of Peoples Movements, Ahmednagar District Urban Cooperative Banks Association Limited and All India Reserve Bank Employees Association had appeared before the panel.
“A lot of people, organisations and other stakeholders have wished to appear before the panel. We have to hear them and we have to get the response of the Centre on the views before us. We don’t think that we will be able to complete our proceedings and submit the report before the last day of Budget Session,” a member said.
When the House meets for Budget Session, the panel is likely to hold more meetings. BusinessLine had reported about the differences among the panel members on the Bill.
Regulators’ objectionsVarious regulators such as the Reserve Bank of India had also raised certain objections.
While the Opposition members are for rejecting the Bill, the BJP is looking for options to pass the Bill with a consensus by bringing certain amendments to it.
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