Lok Sabha Debates Bills to Overhaul Bank Record Law and Upgrade ISI Status

The Union Cabinet tabled two bills in the Lok Sabha on August 3. Finance Minister Nirmala Sitharaman introduced the Bankers Books Evidence Bill, 2026, which intends to scrap the Banker’s Books Evidence Act of 1891 and replace it with a framework suitable for today’s digital banking environment.

The legislation emphasizes tighter judicial supervision while preserving banks’ ability to retrieve evidential material without unnecessary legal hurdles. In parallel, Rao Inderjit Singh presented the Indian Statistical Institute Bill, 2026, which proposes to re‑designate the institute as a ‘body corporate’ with a President‑appointed Board of Governors.

The board’s chairperson will be a respected individual from academia, industry, education, public policy, or statistical sciences, tasked with steering the institute’s research and educational missions. Parliamentary business was later put on hold due to student demonstrations against a paper leak and a contentious debate over alleged misappropriation of Ram Temple donations, resulting in the cancellation of the scheduled question time.