Business Daily from THE HINDU group of publications
Saturday, Jul 18, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Jul 18, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Financial Policy Govt still considering removal of bank voting right cap K.R.Srivats New Delhi, July 17 The Centre has provided a ray of hope for those who favour aligning voting rights in banks with equity holdings. The new UPA Government may again introduce a Bill that had lapsed due to the completion of the term of 14th Lok Sabha. The Bill in question the Banking Regulation (Amendment) Bill 2005, had provided for, among other things, removal of 10 per cent voting right cap in private banks. The proposal to introduce the Bill again in Parliament is being considered, the Lok Sabha was informed on Friday. This has raised hope among certain banking industry players that the Government will go ahead with the planned removal of the voting right cap. Earlier, there were expectations that the Finance Minister’s Budget speech would reaffirm the Government’s commitment to undertake such a measure. The Budget speech, however, remained silent on the issue. The Economic Survey 2008-09 had pitched for removal of the 10 per cent voting rights cap in private and foreign banks. It had also said that voting rights in banks should be aligned with equity holdings. More Stories on : Financial Policy
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