Tax Management India. Com
                        Law and Practice: A Digital eBook ...

☞ Data-bank

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News D. Forum
Highlights
What's New  Latest Cases 

Share:      

        Home        
 
News
Home News News and Press Release Month 11 2017 2017 (11) This
← Previous Next →
 

Approval of framework for consolidation of Public Sector Banks

November 2, 2017
  • Contents

An Alternative Mechanism for consolidation of the Public Sector Banks (PSBs) has been constituted under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. The composition of the Alternative Mechanism will be as under:

Chairperson: Shri Arun Jaitley, Minister of Finance and Corporate Affairs.

Member : Shri Piyush Goyal, Minister of Railways and Coal.

Member : Smt. Nirmala Sitharaman, Minister of Defence.

The proposals received from banks for in-principle approval to formulate schemes of amalgamation will be placed before the Alternative Mechanism. A Report on the proposals cleared by Alternative Mechanism will be sent to the Cabinet every three months.

Alternative Mechanism may also direct banks to examine proposals for amalgamation.

Alternative Mechanism will receive inputs from Reserve Bank of India (RBI) before according in-principle approval.

Alternative Mechanism shall devise its own procedure for appraisal of amalgamation proposals by banks, and be guided overall by the objectives of the Nationalisation Acts {Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980}.

The Final Schemes formulated will be approved by the Central Government, and laid in both the Houses of Parliament.

Alternative Mechanism will be serviced by the Department of Financial Services for this purpose.

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||