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Govt backs banks’ entry into commodity futures trading

Posted on 04 June 2012

The government is set to remove the legal hurdle in the entry of banks into commodity futures trading, despite the Reserve Bank of India’s reservations on the issue. Banks can now trade in shares, bonds and currencies, but Section 8 of the Banking Regulation Act prohibits them from trading in goods.
But, the finance ministry has now supported the consumer affairs ministry’s proposal to amend the law, as it would provide a hedging tool for banks. Sources familiar with the developments say the Banking Laws Amendment Bill is likely to be tabled in the Monsoon session of Parliament………………………………………..Full Article: Source


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