Banking Bill introduced

By Our Special Correspondent

NEW DELHI, DEC 13. The Government today introduced in the Lok Sabha a bill which seeks to reduce its equity in nationalised banks from 51 to 33 per cent and empowers it to supersede the board of directors of public sector banks and constitute a financial restructuring authority. The Bill seeks to remove the restriction on free transferability of shares held by the Centre to allow acquisition, merger and financial restructuring on a case-to-case basis.

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