NA Passes Banks (Nationalization), Deposit Protection Corporation


NA passes Banks (Nationalization), Deposit Protection Corporation

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Augst,2016) : The National Assembly on Wednesday passed two bills including the Banks (Nationalization) (Amendment) Bill-2016 and the Deposit Protection Corporation Bill-2016. Both the bills were presented by Parliamentary Secretary on Finance and Revenue Rana Muhammad Afzal in the House.

The statement of objects and reasons of the Banks (Nationalization) (Amendment) Bill-2016 says "the amendments will empower the Federal Government to avail the services of competent bankers in public interest and to safeguard its direct and indirect shareholding." Moreover, this bill will also facilitate the private shareholders to elect their representatives on the board of Directors of such banks having private as well as public sectors shareholding. It is pertinent to mention here that both the bills have already been passed by the Senate with certain amendments.