Home > Business > Cabinet To Consider Holding Company For PSU Banks

Cabinet To Consider Holding Company For PSU Banks

Thursday, January 17, 2013
By A Business Reporter

The government is likely to consider within a few weeks a proposal for setting up a holding company for public sector banks to enable them to raise capital from the market instead of seeking funds from the exchequer.

“We are moving to Cabinet for setting up a holding company for the public sector banks,” said an official source. It will take 2-3 weeks. There will be one holding company for all public sector banks, sources said.

They said the Law Ministry’s opinion has been sought for making legislative changes as various acts will have to be synchronised and amendments will be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.

As per the structure proposed, 99 % of government holding in the bank will be shifted to the Holding Company and the government will retain 1 % with itself so that it remains a state-owned bank, sources said.

The Budget 2012-13 had proposed the setting up of a financial holding company that would help raise resources to meet capital needs of state-owned banks.

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