Budget 2024: Govt may introduce amendments to push banking sector reforms ...Middle East

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Budget 2024: Govt may introduce amendments to push banking sector reforms
source : Business Standard ( Middle East ) () 41
The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 are needed for privatisation of public sector banks, sources said. These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said. Amendments, if approved by Parliament, would help bring down government holding in state-owned banks below 51 per cent, improve bank

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