MoLE declares Banking industry to be a Public Utility Service

Oct 21, 2019 | by Avantis RegTech Legal Research Team


The Ministry of Labour and Employment (MoLE) on October 17, 2019, declares that the services engaged in the Banking industry to be a Public Utility Service (PUS). The Central Government had declared the said industry to be PUS for a period of six months from April 18, 2019. The Central Government is of the opinion that public interest requires the extension of the PUS status to the said industry for a further period of six months. Therefore, the Central Government hereby declares the services engaged in the Banking industry to be a Public Utility Service for the purposes of the said Act for a period of six months with effect from the October 21, 2019.

[Notification No. S.O. 3726(E)]

 


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