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The Cabinet has cleared revised Banking Laws (Amendment) Bill, 2011 with higher voting rights for banks. Now, the Bill will be brought for consideration and passage during the ongoing session of Parliament.
An official source told Business Line , “The Cabinet has approved the increased voting right limit in private sector banks from the current 10 per cent to 26 per cent. But this increase will be ‘progressive' and not in one go.” The Standing Committee on Finance had recommended raising the voting rights to 26 per cent though the original Bill proposed voting rights to be made proportionate to the shareholding rights. In case of public sector banks, the voting rights were proposed to be raised from 1 per cent to 10 per cent in the original Bill. The revised Bill has not made any change in this proposal.
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