Parliament gave its nod to the Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill 2016 with Rajya Sabha approving it today. <br/><br/>The Bill seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996. <br/> <br/>It will strengthen the debt recovery laws, improve financial health of the banks and lead to ease of doing business. The legislation proposes to give the RBI powers to regulate asset reconstruction companies(ARC), prioritise secured creditors in repayment of debts and provide stamp duty exemption on loans assigned by banks and financial institutions to ARCs. <br/><br/>Replying to the debate, Finance Minister Arun Jaitely said that no wilful defaulter would be spared. He admitted that the education loans are reasonably high, but it is not feasible to waive off them. He said the cases of student loans should be looked with compassion and they be given more time to clear their dues. Mr Jaitley said, farmers' and agriculture lands have been exempted from the proposed legislation.<br/>Earlier, initiating the discussion, Subbarami Reddy of the Congress called for capital infusion of the banking sector so that banks continue to remain self-sufficient. The Lok Sabha had already passed the bill.