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Lok Sabha passes SBI subsidiary banks Bill

Lok Sabha passes SBI subsidiary banks Bill
PTI
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First Published: Thu, Aug 11 2011. 10 29 PM IST
Updated: Thu, Aug 11 2011. 10 29 PM IST
The Lok Sabha on Thursday approved a Bill that will empower the central government to deal with the issues concerning subsidiary banks of State Bank of India (SBI). The Lower House passed the State Bank of India (Subsidiary Banks) Amendment Bill with voice vote after minister of state for finance Namo Narain Meena assured that government does not intend to privatize the state-owned banks.
The bill, according to Meena, will confer powers on the central bank to approve authorised capital of the SBI subsidiary banks in consultation with the Reserve Bank of India.
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First Published: Thu, Aug 11 2011. 10 29 PM IST