NA passes Banks (Nationalisation), Deposit Protection Corporation bills



The National Assembly on Wednesday passed two bills including the Banks (Nationalisation) (Amendment) Bill, 2016 and the Deposit Protection Corporation Bill, 2016.

Both bills were presented by Parliamentary Secretary on Finance and Revenue Rana Muhammad Afzal in the House.

The statement of objectives and reasons of the Banks (Nationalization) (Amendment) Bill, 2016 says, “The amendments will empower the federal government to avail the services of competent bankers in the public interest and to safeguard its direct and indirect shareholding.”

Moreover, this bill will also facilitate the private shareholders to elect their representatives on the boards of directors of banks that have private as well as public sector shareholding.

The two bills have already been passed by the Senate with certain amendments.