Social control over banks: Bill passed

New Delhi: The Lok Sabha today passed the Banking Laws ( amendment) Bill providing for social control over banks.

The entire Opposition except the Swatantra members walked out when Praja Socailist Member Srinivas Mishra’s amendments seeking deletion of the controversial clause relating to employees demonstration in the Bank premises was rejected by the House by 119 votes to 53.

The House, which rejected all Opposition amendments, adopted a Government amendments to clause 24 which related to a Government agent guaranteeing the performance of small- scale industrial concerns.

The Bill, as reported by the select committee, was introduced by Deputy Prime Minister Morarji Desai last Thursday. The Opposition had stalled its consideration for two days on technical objections.

During the two- day discussion, the Opposition was vehement in its criticism of Clause 36 AD relating to demonstrations by employees in the bank premises and had got support from some Congressmen too.

During the clause- byclause consideration the Finance Minister agreed to Congress Member Manubhai Patel’s amendment to Clause 5 providing that the term “Director” shall include a member of any board or committee in India constituted by a banking company for the purpose of managing or advising it on the management of all or any of its affairs. The clause was accepted as amended.