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Bill to amend banking Act
New Delhi
Aug.13.
The Finance Minister, Jaswant Singh, today introduced in the Lok Sabha a Bill to amend the Banking Regulation Act of 1949 to strengthen the regulatory powers of the Reserve Bank of India.
The Bill provides for enhancing the minimum capital level of the banking cooperative societies to Rs. 25 lakhs, banking companies to Rs. 100 crores and the local area banks to Rs. 5 crores and the foreign banks to Rs. 100 crores. It empowers the RBI to remove the chairman of the board of directors of any banking cooperative society, if in its opinion he or she is not a fit to hold that post. The Bill allows the banking companies to issue irredeemable preference shares or redeemable preference shares as per the international practice.
PTI
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