(a) whether the Government propose to review certain sections of the Reserve Bank of India Act, 1934 (as amended in 1997);
(b) if so, the details thereof;
(c) whether the Government have received any representation in this regard: and
(d) if so, the reaction of the Government thereto?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI BALASAHEB VIKHE PATIL)
(a) & (b): Action has been initiated to make comprehensive amendments to the Reserve Bank of India Act.
(c): Representations have been received largely in respect of the provisions relating to
NBFCs and unincorporated bodies.
(d): Every representation or input received from any source constitutes a valuable input in the
ongoing process of ensuring that legislative provisions meet the requirements they are
intended to meet.