The Hindu Business Line : SBI Act ordinance promulgated

The Centre would make cash payment of Rs 35,531.33 crore to the Reserve Bank of India for acquiring the latter's entire holding in State Bank of India (SBI). Currently, the RBI has a 59.73 per cent stake in SBI, which is the largest commercial bank in India. The stake transfer involving 31,43,39,200 equity shares of Rs 10 each of SBI would happen on June 29. The ordinance amending the State Bank of India Act to enable the transfer of RBI's entire holding in SBI to the central government was promulgated on Thursday. The Government had in this year's budget provided a sum of Rs 40,000 crore for SBI stake buy from the RBI.

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