Rajya Sabha passes Bankers Books Evidence Bill to modernize banking laws

The Rajya Sabha has passed the Bankers Books Evidence Bill via voice vote, replacing the 135-year-old Bankers Books Evidence Act of 1891. The new legislation aims to modernize the legal framework for financial evidence to align with contemporary digital banking practices.

Finance Minister Nirmala Sitharaman noted that the original 1891 law was designed for physical banking records, allowing certified copies to be used in court to prevent the need for presenting original ledgers. The new bill addresses the shift toward digital records, ensuring that modern technological formats are legally recognized while maintaining privacy and security.

The passage of the bill was marked by tension, as opposition members staged protests and walked out of the chamber. Despite heated debates and disruptions, several members from various political parties expressed support for the long-awaited technical update, specifically highlighting its importance for data privacy and security.