VOTING RIGHT CAP FOR PRIVATE BANK SHAREHOLDERS TO GO
Major Proposals in the Banking laws (amendment) Bill, 2011
The Bill also seeks to empower the Reserve Bank of India(RBI) to call for information and returns from the associate enterprises of banking companies and also inspect them
- Allows nationalized banks to issue bonus shares and come up with rights issue to raise capital for expansion of business.
- Bank mergers not to come under CCI lens.
- Allows the RBI to supersede the board of directors of a banking company for a period not exceeding 12 months.
- Power conferred on the RBI to levy penal interest in case of non-maintenance of required CRR.
- The ceiling cap of 1% for voting rights will go and Shareholders have to take 10 % equity to grab voting rights.
The Bill also seeks to empower the Reserve Bank of India(RBI) to call for information and returns from the associate enterprises of banking companies and also inspect them
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