Financial Daily from THE HINDU group of publications
Wednesday, Jul 14, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 14, 2004 |
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Money & Banking
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RBI & Other Central Banks RBI stake in SBI, Nabard, NHB to be transferred to Govt Our Bureau
New Delhi , July 13 THE Reserve Bank of India's holding in State Bank of India (SBI), National Bank for Agriculture and Rural Development (Nabard) and the National Housing Bank (NHB) is to be transferred to the Government soon. In separate replies in the Rajya Sabha on the three institutions, the Minister of State for Finance, Mr S.S. Palanimanickam, has said that the RBI proposal for the transfer of its entire shareholding in these institutions is under consideration of the Ministry of Finance. While RBI holds 59.73 per cent of shares in SBI, the entire paid up capital of NHB is held by it. In Nabard, the RBI has infused capital of Rs 1,450 crore, while the Government has subscribed to the remaining Rs 550 crore. The Government has said that the transfer of stake is being done on the basis of the recommendation of the Narasimham Committee which had said that it would be appropriate for the Reserve Bank of India not to own the institutions it regulates. The transfer would enable RBI to concentrate more on its regulatory and supervisory functions, the Government has said.
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