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Govt likely to push pension, banking bills

business Updated: Jul 25, 2008 16:26 IST

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After winning the trust vote in Lok Sabha, the UPA government is likely to push key financial bills, including opening of pension sector for private players and raising voting rights of foreign entities in private sector banks during monsoon session of Parliament.

"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," Minister of State for Finance Pawan Kumar Bansal told reporters on Friday.

The monsoon session is scheduled from August 11 and expected to continue till the first week of September.

The Pension Fund Regulatory and Development Authority (PFRDA) Bill was introduced by the government in Parliament in 2005, to allow new pension fund managers - both public sector as well as private to compete with the EPFO - with the PFRDA acting as an impartial regulator.

Due to strong opposition of the Left parties, the bill could not be passed.

The Banking Regulation (Amendment) Bill, which proposes to allow foreign investors to have voting rights in banks in proportion with their equity holding, rather than being capped at 10 per cent now was also opposed by the Left parties.

On the impact of high interest rates on public sector banks, Bansal said the profit-growth of banks could be affected in the first quarter ending June 30.

"There may be slight impact on profit growth in first quarter," he said when asked if high interest rate and mark-to-market losses could affect profits.