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Informist, Monday, Feb. 2, 2026

 

NEW DELHI – The government will try to introduce the Insolvency and Bankruptcy Code Amendment Bill in the second part of the Budget session starting Mar. 9, Finance Minister Nirmala Sitharaman said Monday. She said the Select Committee of Parliament has given its suggestion on the Bill and it will now go to Cabinet for approval.

 

The Bill was introduced in the Lok Sabha in August and was immediately referred to the Select Committee for suggestion. The Bill aims to amend the existing insolvency law and simplify settlement mechanism.

 

The Budget Session of Parliament started from Jan. 28, but the parliament will be adjourned for a recess on Feb. 13 to enable the department-related parliamentary standing committees to examine the demands for grants and make reports relating to their ministries and departments. The session will resume after the recess on Mar. 9 and conclude on Apr. 2.

 

Delving more into the banking sector, Sitharaman said the government aims to strengthen the banks even more and the current phase of strong balance sheet seems the right opportunity. The government on Sunday proposed setting up a "high level committee on banking for Viksit Bharat" to comprehensively review India's banking sector and align it with the country's growth goals while safeguarding financial stability, inclusion, and consumer protection.

 

While presenting the Union Budget for 2026-27 (Apr-Mar) on Sunday, Sitharaman said "the Indian banking sector today is characterised by strong balance sheets, historic highs in profitability, improved asset quality and coverage exceeding 98% of villages in the country."

 

Without divulging details of the terms of reference of the proposed committee, Sitharaman said the panel's aim will be to give the "blueprint of future banks."  End

 

Reported by Sagar Sen, Krity Ambey, and Priyasmita Dutta

Edited by Ashish Shirke

 

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