NA passes bill to amend Banks Nationalization Act 1974

F.P. Report

ISLAMABAD: National Assembly on Monday passed a bill to further amend the Banks (Nationalization) Act, 1974 [The Banks (Nationalization) (Amendment) Bill, 2019] to bring all non banking institutions, including National Investment Trust Limited (NITL) under the regulatory purview of the Securities and Exchange Commission of Pakistan.

The National Investment Trust Limited (NITL) would be excluded from purview of the Banks (Nationalization) Act, 1974. Small Business Finance Corporation (SBFC) and Regional Development Finance Corporation (RDFC) were merged and SME Bank was formed, therefore SBFC and RDFC was also excluded from section 11-A of the Banks Nationalization Act 1974 as proposed by the Standing Committee.

Minister of State for Parliamentary Affairs Ali Muhammad Khan had moved the bill on behalf of Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh.

The minister also moved the bill providing for the establishment of the Whistleblower Protection and Vigilance Commission [the Whistleblower Protection and Vigilance Commission bill, 2019]. The bill was referred to the committee.

The minister also laid the first quarterly report of the Board of Directors of State Bank of Pakistan on the state of the economy for the year, 2019-2020, as required by section 9A(2) of the State Bank of Pakistan Act, 1956.

Fakhar Imam who was chairing the house formed a parliamentary committee to investigate the kidnapping of a person Amir Jutt in the constituency of MNA Nawaz Yousaf Talpur in Sindh.