The Hindu Business Line : Chidambaram to meet PSB chiefs on Feb 5

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New Delhi Jan. 27 The Union Finance Minister, Mr P. Chidambaram, will meet Chief Executives of public sector banks (PSBs) here on February 5. Indications are that anti-money laundering issues of cash transaction reports and suspicious transaction reports would be discussed at the meeting.

Based on the discussions, the Government may even look at making certain amendments to the existing legislation on prevention of money laundering, sources said.

The financial performance of the PSBs for the third quarter ended December 31, 2006, would also be reviewed at this meeting. With just a month to go for Union Budget and strong credit growth in the economy, the PSB chiefs are also likely to press for certain tax related changes to attract more deposits.

One of the changes that they may demand is that the Section 80C benefit should be available for term deposits with tenure of three years and above as against the current norm of allowing such benefits only for deposits with tenure of at least five years.

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Chidambaram to meet PSB chiefs on Feb 5