Powers to RBI..
1. can remove entire board of bank. currently have the power to remove CEO or 1-2 directors.
2. connected lending prevention. Rbi can check the the record and a/c book of all mother companies associated with the bank.
3. money in the unclaimed a/c which has not been operated for 10 years to be deposited in a fund DEPOSITOR EDUCATION AND AWARENESS FUND. if a/c holders comes back the money will be returned to him with interest.
4. prior permission of RBI is required to buy more than 5% share of any bank.
5. if primary cooperative society wants to continue their banking business, they need a license from RBI.
6. penality on banks if they fail to maintain CRR for even one day.
points forwarded by sbi and other PSB......
1. consolidation of bank in india as to have few world class banks through SIMPLIFYING BANKING COMPANY ACQUSITION AND TRANSFER OF UNDERTAKING ACT.
2. banking merger should be approved only by RBI. ( it was not accepted. Copetition commission of india have the final word in case of merger)
3. increase in voting rights from 1% to 10% in PSB and from 10% to 26% in foreign banks.
DEMANDS OF FOREIGN BANKS.............
1. stamp duty to be called off when a foreign bank transfer its business from main company to its subsidiary.
2. want to invest in commodity market.( this was denied)
BANKING CONSOLIDATION.......
PNB ( DENA + VIJAYA)
BOI( OBC + ANDHARA BANK)
BOB ( IDBI + UCO)
UBI ( UNITED BANK + PUNJAB SINDH)
CBI ( INDIAN BANK + ALLAHABAD BANK + BANK OF MAHARASTRA)
CANARA ( IOB + SYNIDICATE+ CORP. BANK)
for article archives click here
1. can remove entire board of bank. currently have the power to remove CEO or 1-2 directors.
2. connected lending prevention. Rbi can check the the record and a/c book of all mother companies associated with the bank.
3. money in the unclaimed a/c which has not been operated for 10 years to be deposited in a fund DEPOSITOR EDUCATION AND AWARENESS FUND. if a/c holders comes back the money will be returned to him with interest.
4. prior permission of RBI is required to buy more than 5% share of any bank.
5. if primary cooperative society wants to continue their banking business, they need a license from RBI.
6. penality on banks if they fail to maintain CRR for even one day.
points forwarded by sbi and other PSB......
1. consolidation of bank in india as to have few world class banks through SIMPLIFYING BANKING COMPANY ACQUSITION AND TRANSFER OF UNDERTAKING ACT.
2. banking merger should be approved only by RBI. ( it was not accepted. Copetition commission of india have the final word in case of merger)
3. increase in voting rights from 1% to 10% in PSB and from 10% to 26% in foreign banks.
DEMANDS OF FOREIGN BANKS.............
1. stamp duty to be called off when a foreign bank transfer its business from main company to its subsidiary.
2. want to invest in commodity market.( this was denied)
BANKING CONSOLIDATION.......
PNB ( DENA + VIJAYA)
BOI( OBC + ANDHARA BANK)
BOB ( IDBI + UCO)
UBI ( UNITED BANK + PUNJAB SINDH)
CBI ( INDIAN BANK + ALLAHABAD BANK + BANK OF MAHARASTRA)
CANARA ( IOB + SYNIDICATE+ CORP. BANK)
for article archives click here
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