Del. HC: Liquidated Damages Mentioned in Agreement Can’t be Awarded in Absence of Proof of Loss  ||  MP HC: S.375 Marital Sex Exemption Also Provides Exemption Under Section 377 of IPC  ||  SC: SARFAESI Doesn’t Give Any License to Bank Officers to Act Against the Scheme of Law  ||  All. HC: Court Can’t Mechanically Reject Application for Waiving Off Cooling Period u/s 13B of HMA  ||  Kar. HC: Acquittal Order Can’t be Put in Challenge by Stranger to the Case  ||  Kar. HC: Alternate Remedy Can’t be Used as China Wall Against Invocation of Writ Jurisdiction  ||  Bom. HC Upholds Constitutional Validity of Goa’s Green Cess Act  ||  Del. HC: Not Court’s Business to Demonstrate Morality of an Act unless it has Caused Harm  ||  Del. HC: Cost Accountants and Chartered Accountants Not Similarly Placed Under Law  ||  SC: No Party Ought to be Vexed Twice in a Litigation for One and the Same Cause    

Approval of framework for consolidation of Public Sector Banks- (Press Information Bureau) (01 Nov 2017)

MANU/PIBU/1311/2017

Banking

An Alternative Mechanism for consolidation of the Public Sector Banks (PSBs) has been constituted under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. The composition of the Alternative Mechanism will be as under:

Chairperson: Shri Arun Jaitley, Minister of Finance and Corporate Affairs.

Member : Shri Piyush Goyal, Minister of Railways and Coal.

Member : Smt. Nirmala Sitharaman, Minister of Defence.

The proposals received from banks for in-principle approval to formulate schemes of amalgamation will be placed before the Alternative Mechanism. A Report on the proposals cleared by Alternative Mechanism will be sent to the Cabinet every three months.

Alternative Mechanism may also direct banks to examine proposals for amalgamation. Alternative Mechanism will receive inputs from Reserve Bank of India (RBI) before according in-principle approval. Alternative Mechanism shall devise its own procedure for appraisal of amalgamation proposals by banks, and be guided overall by the objectives of the Nationalisation Acts {Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980}. The Final Schemes formulated will be approved by the Central Government, and laid in both the Houses of Parliament. Alternative Mechanism will be serviced by the Department of Financial Services for this purpose.

Tags : FRAMEWORK   APPROVAL   CONSOLIDATION   PSBS  

Share :        

Disclaimer | Copyright 2023 - All Rights Reserved