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Cabinet nod for SBI Act amendment

Our Bureau

New Delhi, Aug 24

The Union Cabinet on Thursday gave its approval to amend the existing State Bank of India (SBI) Act, 1955, to enable the bank to access funds from the capital market and also discharge its functions more efficiently.

Briefing reporters after the Cabinet meeting, the Union Information and Broadcasting Minister, Mr Priyaranjan Dasmunsi, said that the Government would try to introduce the Bill in the Lok Sabha on Friday or, failing which, in the next session of Parliament. He did not give the details of the planned amendments to the SBI Act.

Mr Dasmunsi said that the SBI (Amendment) Bill would enable State Bank of India to attract a large number of small individual investors. Sources said the Bill would enable SBI to issue bonus shares as well as preference shares. It would also allow the RBI stake to be lowered to 51 per cent in the bank.

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