NEW DELHI: The UPA government appears to be gearing up to push some of the key financial reform Bills during the monsoon session of Parliament beginning August 11. These include opening up of the pension sector to private players and raising the voting rights of foreign entities in private sector banks.
An indication to this effect came from Minister of State for Finance Pawan Kumar Bansal on Friday. “Bills on pension funds and banking regulation which deal with voting rights in private banks are already pending in Parliament. I suppose we should be able to take them up in the monsoon session,” Mr. Bansal told newspersons here.
The Pension Fund Regulatory and Development Authority Bill was introduced in Parliament in 2005. It sought to allow new pension fund managers from both public and private sector to compete with the EPFO (Employees Provident Fund Organisation). The PFRDA was to act as the impartial regulator. The Bill, however, could not be approved owing to stiff opposition from the Left parties.