The Hindu Business Line : Cabinet gives nod for more Govt nominees on bank boards

THE Union Cabinet on Thursday decided to introduce an amendment to the Banking Companies Act with a view to increasing the number of Government nominees on bank boards.

This would also enable the Government to have representation on boards proportionate to its majority holding in public sector banks. The Bill would also enable the Government to set up a financial restructuring authority for potential weak banks.

The Cabinet also decided to amend the Railways Act to set up a Rail Land Development Authority.

It also decided to introduce a Bill for a modern integrated food law that would aim to bring about food safety and standards.

A Bill to amend the Hindu Succession Act to facilitate inheritance by women would also be introduced.

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