Cabinet okays banking laws amendment bill

Friday - Apr 27, 2012, 11:19am (GMT+5.5)

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New Delhi - The cabinet Thursday okayed the Banking Laws (Amendment) Bill seeking to raise voting rights ceilings in private banks.

The cabinet chaired by Prime Minister Manmohan Singh cleared the bill as recommended by the parliamentary standing committee on finance.

The Banking Laws (Amendment) Bill, 2011 was tabled in Parliament in 2011 and sent to the parliamentary standing committee for its views.

The committee headed by former finance minister Yashwant Sinha has recommended increasing in cap in voting rights.

The panel had suggested that in private sector banks the cap on voting rights of a single entity be increased to 26 percent from the current 10 percent and in public sector banks from one percent to 10 percent.

Sources said the cabinet has okayed the change in voting rights as suggested by the parliamentary panel.

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