IDBI to become banking company
Wednesday, 13 November 2002, 20:30 IST
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NEW DELHI: The Industrial Development Bank of India (IDBI), which hitherto lent money for industrial projects, is to be converted into a banking company. Legislation for this will be introduced in the winter session of Parliament commencing November 18, Information and broadcasting minister Sushma Swaraj said after a cabinet meeting Tuesday. "IDBI's loan disbursements were decreasing. It was loaning funds at higher rates of interest, because of which returns had come down. Now, its main business will be development banking," Swaraj said. Another bill to be introduced during the session will remove a provision in the statute under which the character of a rape victim can be called into question. Under section 155 (4) of the Indian Evidence Act, a person accused of rape could attempt to prove that the woman making the accusation was immoral. This section will be deleted and a new provision added under section 146 of the act under which cross-examination of woman vis-à-vis her character would not be permitted, Swaraj said. This had been done on the recommendation of the National Commission for Women and the Law Commission, she added. The Representation of People Act is to be amended to bar anyone convicted of abetting "sati" or forcing a woman to immolate herself on the funeral pyre of her husband from contesting elections. Currently, anyone convicted for six months or more for abetting "sati" is barred from contesting elections. The amendment will remove the time period and bar anyone convicted of the offence from running, Swaraj said.
Source: IANS
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