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Omnibus law for banking soon
September, 11th 2006
All legislation governing the banking industry are likely to be merged into one Act in the next couple of years. Sources said the proposal would take some time to concretise. Sources also said the government might decide to have separate sections comprising rules for state-owned, private and foreign banks. The finance ministry is also looking to pass the Payment and Settlements Services Act, in order to facilitate clearing and settlements.
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