The Pension Regulatory Bill and the Insurance Bill are expected to be cleared in the Monsoon Session of Parliament. Talking to reporters on the sidelines of the AGM of the Indian Banks’ Association on Saturday, Union finance minister Pranab Mukherjee said that with the cooperation of all the political parties, he expects that the two bills will be cleared in the Monsoon Session.
At the IBA’s AGM, Mr Mukherjee said that the economic downturn that followed the global financial crisis “compelled us to rethink some of our principles of economic and financial policy making” and discussions on issues of financial stability and the banking system were still on in both the developing and developed world. He hinted at inflation remaining a great concern because of the global economic recovery being uneven and uncertainties remain and said this needed “close monitoring.”
Later speaking on the occasion of launch of the union inclusions programme of the Union Bank of India, to deepen financial inclusion, Mr Mukherjee said that banks should not equate financial inclusion with mere opening of accounts but with a wide range of services from remittance facilities for migrant labour to send money back home, to education and awareness of the ample opportunities to grow through financial gains.