• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Advertisement

New Delhi Feb 1 The Union Cabinet on Thursday gave its nod for the transfer of ownership of Reserve Bank of India's (RBI) shareholding in State Bank of India (SBI) to the Government by June.

The Parliamentary Affairs Minister, Mr Priya Ranjan Dasmunsi, said that the transfer of ownership would be against cash payment of valuation amount to be determined on market price in accordance with SEBI guidelines.

The Finance Minister, Mr P. Chidambaram, said the transaction would not hurt government finances and would be a cash- neutral exercise. Currently, the RBI holds 59.73 per cent stake in SBI and the acquisition price is estimated at Rs 40,000 crore assuming SBI's share price as per SEBI formula is Rs 1,300 per share.

The Cabinet also approved transfer of ownership of shareholding of the RBI in Nabard and NHB to the Central Government by June 2008 at book value.

More Stories on : Financial Policy | Public Sector Banks | Stocks | State Bank of India

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
BPOs can trim costs by 30%: Nasscom study

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line