Bills and Amendments Current Affairs

Lok Sabha passes State Banks (Repeal and Amendment) Bill, 2017

The Lok Sabha has passed the State Banks (Repeal and Amendment) Bill, 2017. The bill seeks to repeal the two Acts namely State Bank of India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad Act, 1956.

It also seeks to amend the State Bank of India (SBI) Act, 1955 to remove references to subsidiary banks and powers of SBI to act as an agent of the RBI for subsidiary banks.

Key Facts

Repealing of SBI (Subsidiary Banks) Act and State Bank of Hyderabad Act: These two acts have established the State Bank of Bikaner, State Bank of Patiala, State Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore.  These banks were subsidiaries of the SB). This repealing of two acts is consequent to the decision of the Union Cabinet February 2017 to approve merger of five subsidiary banks of SBI were merged with it.

Amendments to the SBI Act: The Bill removes references related to subsidiary banks from the parent Act. These references include the definition of a subsidiary bank and powers of SBI to act as an agent of the RBI for subsidiary banks.

Background

The Union Cabinet had approved the merger of five associate banks along with Bharatiya Mahila Bank with SBI. The five banks were State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala. After the acquisition by SBI, the subsidiaries banks have ceased to exist and, therefore, it was necessary to repeal the two Acts. The merger had made State Bank of India one of the 50 biggest banks of the world. The main motive behind the merger was to increase the capital base of the bank to enable it to disburse more loans.

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Parliament passes IIIT (Amendment) Bill, 2017

Parliament has passed the Indian Institutes of Information Technology (Amendment) Bill, 2017 after the Rajya Sabha approved it. The Lok Sabha has already passed it. The Bill amends the IIIT Act, 2014.

The IIIT Act, 2014 declares certain Institutes of Technology as institutions of national importance. It aims to develop new knowledge in information technology and provide manpower of global standards for the information technology industry.

 Key Features of the Bill

Appointment of Director: The Bill modifies the composition of the search-cum-selection committee which recommends names to the central government for the appointment of the Director of an IIIT. Further, it replaces the Director of an IIIT with the Director of an Indian Institute of Technology.

Appointment of Assistant Professor and other above posts:  The Bill permits the Board of Governor of Institutes to appoint Assistant Professors and all the posts above that level as well.

Incorporation of an institute:  It declares the Indian Institute of Technology, Design and Manufacturing (ITDM), Kurnool in Andhra Pradesh as an institution of national importance. Further it adds ITDM, Kurnool to the Schedule of the parent Act which consists of other institutions of national importance.

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