Govt introduces Bills to overhaul Indian Statistical Institute and modernise Banking evidence laws in Lok Sabha
New Delhi, Aug 4,2026: The government on Monday introduced two significant legislation in the Lok Sabha aimed at overhauling the legal framework governing the Indian Statistical Institute (ISI) and modernize the country’s banking evidence laws to align with the digital era, even as proceedings were disrupted by Opposition protests during the Monsoon Session.
Minister of Statistics and Programme Implementation Rao Inderjit Singh introduced the Indian Statistical Institute Bill, 2026, while union Finance Minister Nirmala Sitharaman tabled the Bankers’ Books Evidence Bill, 2026. The Bills were introduced amid continuous sloganeering by Opposition members before the House was adjourned till 2 p.m.
The Indian Statistical Institute Bill, 2026 seeks to repeal the Indian Statistical Institute Act, 1959 and replace it with a contemporary legal framework for the premier institution, established in 1931, which has played a pioneering role in the development of statistics, mathematics, computer science and allied disciplines in India.
According to the Statement of Objects and Reasons of the Bill, the proposed legislation aims to modernise the institute’s governance, academic and financial architecture by incorporating the ISI as a body corporate. It provides for the President of India to serve as the Visitor of the institute and proposes the creation of a Board of Governors as the principal policy-making and executive authority accountable to the Central Government.
The Bill also envisages the establishment of an Academic Council, headed by the Director and comprising all full-time professors and faculty members, to oversee academic affairs and maintain academic standards.
The government has maintained that the proposed reforms are intended to strengthen the institute’s institutional capacity to produce highly skilled statisticians, mathematicians and data scientists capable of meeting the growing requirements of technology-driven industries, artificial intelligence, finance and the expanding digital economy.
However, the proposed restructuring has drawn criticism from sections of the ISI faculty and staff, who have expressed apprehensions that replacing the institute’s existing representative council with a government-appointed Board of Governors could dilute the autonomy of the nearly 95-year-old institution and increase governmental control over its functioning.
The second legislation, the Bankers’ Books Evidence Bill, 2026, seeks to repeal the colonial-era Bankers’ Books Evidence Act, 1891 and establish a modern legal framework reflecting the transformation of India’s banking sector into a predominantly digital ecosystem.
The proposed law significantly expands the definition of “bankers’ books” to include electronic, digital, virtual and cloud-based records, recognising the widespread adoption of online banking, electronic record-keeping and digital financial transactions.
The Bill also introduces safeguards to protect banking officials from unnecessary legal inconvenience. It proposes that courts must record written “special cause” before summoning bank officers or directing the production of original banking records in cases where the bank itself is not a party to the proceedings.
In addition, the legislation seeks to standardise certification requirements for electronic banking records and digital signatures, with the objective of providing greater legal certainty and facilitating the admissibility, verification and use of electronic evidence in judicial proceedings.
The two Bills formed part of the government’s legislative agenda for Monday’s sitting of the Lok Sabha. They were introduced alongside other key items of business, including the proposed legislation to increase the sanctioned strength of judges in the Supreme Court, as Parliament continued its Monsoon Session amid repeated disruptions and Opposition protests.