Parliament Session: Banking, Rail and Infrastructure Reforms

The Indian Parliament's winter session, from November 25 to December 20, 2024, will introduce several significant legislative proposals across various sectors. The Banking Laws (Amendment) Bill, proposed by Finance Minister Nirmala Sitharaman.

The winter session of the Indian Parliament, running from November 25 to December 20, 2024, is set to introduce several significant legislative pr oposals across different sectors:

Banking Sector Reforms: Banking Laws (Amendment) Bill, 2024

The Banking Laws (Amendment) Bill, proposed by Finance Minister Nirmala Sitha raman
Introduces comprehensive reforms to banking regulations.

Key amendments include:

Redefining the "fortnight" calculation for cash reserves
Extending the tenure of co-operative bank directors from 8 to 10 years
Allowing more flexible director appointments in co-operative banks
Increasing the threshold for substantial interest in a company from ₹5 lakh to ₹2 crore
Expanding nomination options for bank deposits and products
Streamlining the process for settling unclaimed amounts
Giving banks more autonomy in determining auditor remuneration

These changes aim to enhance governance, improve operational flexibility, and promote transparency in the banking sector.

Transportation and Infrastructure Legislation

The session will feature two significant bills related to transportation:

Railways Amendment Bill, 2024:

Proposed by Railway Minister Ashwini Vaishnaw
Aims to integrate the Indian Railway Board Act of 1905 into the Railways Act of 1989
Seeks to simplify the legal framework governing Indian Railways
Intends to improve the constitution and composition of the Railway Board
Goal is to enhance overall railway operational efficiency

Coastal Shipping Bill, 2024:

Introduced by Minister of Ports, Shipping & Waterways Sarbananda Sonowal
Aims to revise laws governing coastal shipping
Focuses on enhancing coastal trade
Encourages domestic participation
Ensures development of a coastal fleet owned and operated by Indian citizens

Strategic Ministerial Statements and Additional Bills

External Affairs Minister S. Jaishankar will address "Recent Developments in India's Relations with China"

Other significant bills include:

- Bharatiya Vayuyan Vidheyak, 2024 (Aircraft Regulation Bill)
- Oilfields (Regulation and Development) Amendment Bill, 2024

Additional Parliamentary Activities:

Committee elections for Scheduled Castes, Scheduled Tribes, and Other Backward Classes
Motion for electing members to the Sree Chitra Tirunal Institute for Medical Sciences and Technology