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Our Bureau

New Delhi, June 15

The Union Cabinet on Friday approved the promulgation of an Ordinance to enable the transfer of Reserve Bank of India's entire shareholding in the State Bank of India to the Central Government.

Informed sources said that the Ordinance route is being adopted to bring necessary amendments to the State Bank of India Act, 1955 as the Government is keen to complete the transaction before June 30. The Information and Broadcasting Minister, Mr Priyaranjan Dasmunshi, said that a Bill would be moved in the coming session of Parliament to replace the Ordinance.

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