UNION BUDGET AND MINT ROAD
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister ton the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. It was felt that these issues would gather speed when a new government was sworn in after the results of the general elections in June 2024. We may get to see forward moment in the upcoming Union Budget in February.
Moves on the re-look of the key Acts will have to be read together with the recommendations of the RBI's Internal Working Group (IWG) to 'Review extant ownership guidelines and corporate structure for Indian private sector banks'. The IWG had on November 20, 2020 made a case for large corporate and industrial houses as promoters of banks. And that large non-banking financial companies (NBFCs) with an asset size of 50,000 crore and above, including those owned by corporate houses, may be considered for conversion into banks.
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Denne historien er fra December 30, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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