The Banking Regulation Amendment) Act, 2017
The Banking Regulation (Amendment) Act, 2017 has amended the Banking Regulation Act,1949, which has inter alia conferred power upon the Central Government for authorising the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016. The said amendment specifically empowered the Reserve Bank to issue directions to banking companies for resolution of stressed assets and also allow the Reserve Bank to specify one or more authorities or committees to advise banking companies on resolution of stressed assets.
Amendments to the Payment and Settlement Systems Act, 2007
The Finance Act, 2017 amended certain provisions of the Payment and Settlement Systems Act, 2007. The amendment provides that the Payments Regulatory Board will exercise functions relating to the regulation and supervision of payments and settlement systems under the Act instead of the existing Board for Regulationand Supervision of Payments and Settlement. The new Board shall have the Governor of the Reserve Bank as Chairperson.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017
The Act, inter alia, provides for specified bank notes (SBNs) to cease to be liabilities of the Reserve Bank or the Central Government, exchange of SBNs and prohibition on holding, transferring or receiving SBNs, penalty, etc.
Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016
The Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 provides for targeted delivery of subsidies and services to individuals residing in India by assigning them unique identity numbers called Aadhaar numbers.
