The Parliament has passed a bill to address the problem of insolvency in the payment and settlement system by increasing transparency and stability.
The Payments and Settlements Systems Amendment Bill 2014 is also aimed at bringing the country’s banking payment system in sync with international practices.
The bill was passed by the Rajya Sabha on Monday by voice vote, with members cutting across party lines extending their support to the bill. It was earlier passed by the Lok Sabha.
Moving the amended bill, Finance Minister Arun Jaitley said it was needed to address the issue of insolvency. (ANI)