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Tweak in Act to grant IDBI 'bank licence' after govt offloads stake

Section 22 of the Banking Regulation Act states that no company shall conduct banking business in the country unless it holds a licence issued by the RBI

Topics
IDBI Bank | bank licence

Nikunj Ohri  |  New Delhi 

The Centre is set to amend the IDBI (Transfer of Under­taking and Repeal) Act, 2003, to provide the lender a banking licence after the government offloads its stake, said an official, clearing a major hurdle in its strategic sale.

The stake sale plan was delayed as the government selling its entire shareholding in the bank would have left the lender without a banking licence, requiring the new owner to apply for a fresh one. The government will move amendments to the Act in the Finance Bill 2021, which will grant a licence to IDBI Bank under Section 22 of the Banking Regulation ...

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First Published: Fri, February 05 2021. 06:10 IST
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