Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

PSB Privatisation Bill may allow government complete exit.


Date: 29-06-2022
Subject: PSB Privatisation Bill may allow government complete exit
The government will likely introduce a bill in the upcoming monsoon session of Parliament to make amendments to facilitate the privatisation of state-run banks.

One of the amendments under consideration is allowing the central government a complete exit from banks being privatised, said an official aware of deliberations. The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, requires the central government to hold at least 51% of public sector banks. The earlier thinking was that Centre should retain at least 26% stake during privatisation and that this could be brought down gradually.

"The bill will provide an enabling mechanism. We might bring it in this session and then iron out the other issues," said another official, adding that the changes are based on discussions with potential investors during recent roadshows for the IDBI Bank NSE -1.12 % stake sale.

The finance ministry is also in discussions with the Reserve Bank of India (RBI), the banking sector regulator, on ownership and controlling stakes issues relating to privatisation. Promoters can currently hold a maximum 26% stake in private banks.

The government had listed the Banking Laws Amendment Bill, 2021, in the winter session of Parliament that concluded on December 22, 2021, but it wasn't introduced. The bill had proposed "amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949".

The first official cited above said, "We have received inputs from potential investors, merchant bankers, and even industry. We will incorporate changes if required to make the stake sale process faster and with less regulatory hurdles."

In the budget for FY22 presented on February 1, 2021, finance minister Nirmala Sitharaman had said the government will privatise two public sector banks and one general insurer.

She had said the necessary legislative amendments would be introduced in the ensuing budget session.

In April 2021, the Niti Aayog had given its recommendations on the banks that should be privatised to the disinvestment department. Central Bank of India and Indian Overseas Bank NSE -0.59 % have reportedly been shortlisted, but the names have not been made public. There hasn't been much progress since then, according to people with knowledge of the matter.

IDBI Bank's privatisation process is already underway. The bank is incorporated under the Companies Act, 1956, and legal amendments are not needed for its privatisation.

The government is expected to invite expressions of interest (EoIs) for strategic divestment of IDBI NSE -0.96 % Bank by the end of next month. It holds a 45.48% stake in IDBI, while Life Insurance Corp. of India (LIC) owns 49.24%.

Source Name:-Economic Times







Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 12-08-2022
Notification No. 68/2022-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 08-08-2022
Notification No. 67/2022 Customs (N.T.)
Passenger Name Record Information Regulations, 2022.

Date: 04-08-2022
Notification No. 66/2022 - Customs (N.T.)
Exchange rate Notification No.66/2022-Cus (NT) dated 04.08.2022-reg.

Date: 03-08-2022
Circular No. 179/11/2022-GST
Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 47th meeting held on 28th – 29th June, 2022 at Chandigarh

Date: 03-08-2022
Notification No. 24/2022-Customs (ADD)
seeks to impose anti-dumping duty on Opal Glassware from UAE & China PR for a period of 5 years.

Date: 02-08-2022
Notification No. 22/2022-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and exempt export of Aviation Turbine Fuel.

Date: 02-08-2022
Notification No. 21/2022-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on Diesel.

Date: 01-08-2022
NOTIFICATION No. 17/2022 – Central Tax
Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 10 Cr from 01st October, 2022.

Date: 29-07-2022
Notification No. 65/2022-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 23-07-2022
Notification No. 44/2022-Customs
Seeks to amend notification No. 49/2021 - Customs, dated 13.10.2021, in order to extend the concessional Agriculture Infrastructure and Development Cess [AIDC] of Nil on Lentils (Mosur) up to and inclusive of the 31st March, 2023.



Exim Guru Copyright © 1999-2022 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001