Rajya Sabha Approves Bill to Modernize Banking Evidence

The Rajya Sabha recently passed the Bankers’ Books Evidence Bill, 2026, a significant legislative move to update how banking records are recognized in legal proceedings. This bill expands the definition of ‘bankers’ books’ to include various digital formats, standardizing certification for admissibility.

Modernizing Banking Record Admissibility

Finance Minister Nirmala Sitharaman clarified that the new legislation broadens the scope of what constitutes bankers’ books. This expansion ensures that diverse forms of record-keeping are officially recognized. The bill had previously secured passage in the Lok Sabha.

• The definition now covers records maintained in multiple formats:
  • Written
  • Physical
  • Electronic
  • Digital
• These records are recognized regardless of their storage location:
  • On-site
  • Off-site
  • Virtual
  • Cloud (including backup sites)

This legislative update aims to standardize the certification process for these records. It will also enhance the overall admissibility of electronic banking records within legal and judicial contexts. The move reflects an adaptation to modern banking practices.

National Child Survey Underway

Concurrently, a national child survey is being conducted jointly by the statistics ministry and the Ministry of Women and Child Development (MWCD). This collaborative effort aims to gather comprehensive data on vulnerable child populations across the nation. The survey’s core objective is to identify and address the specific needs of children requiring care and protection.

• The survey targets crucial demographics:
  • Children engaged in the informal sector
  • Street children
  • Children who are out of school

A parliamentary panel report underscored the critical importance of having timely and reliable statistics. Such data is essential for effectively safeguarding child rights and implementing targeted interventions.

NPS Corpus Refund Clarification

In another parliamentary development, Minister of State for Finance Pankaj Chaudhary addressed the Lok Sabha regarding the National Pension System (NPS). He clarified that current regulations do not permit the refund of a subscriber’s accumulated NPS corpus back to state governments. This position is explicitly outlined within existing frameworks.

• The non-refund provision is governed by:
  • The PFRDA Act, 2013
  • The Exit and Withdrawal Regulations, 2015

This clarification comes after five states informed the government of their decision to transition from the NPS to the Old Pension Scheme (OPS). The existing legal structure therefore dictates the handling of pension funds in such scenarios.