Ministry of Finance Department of Financial Services

Exemption in the BR Act, 1949 IDFC First Bank.

Issue Date: 07 July 2025 Published: 07 July 2025

Gazette ID: CG-DL-E-07072025-264435 Download PDF

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Core Purpose

The Central Government declares that the provisions of sub-section (2) of section 19 of the Banking Regulation Act, 1949, shall not apply to IDFC First Bank Limited regarding its shareholding in Niraj Kakad Constructions Private Limited.

Detailed Summary

The Ministry of Finance (Department of Financial Services), through Notification S.O. 3018(E) dated 7th July, 2025, has exercised powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949), acting on the recommendation of the Reserve Bank of India. This notification declares that the provisions of sub-section (2) of section 19 of the said Act shall not apply to IDFC First Bank Limited, specifically concerning its holding of shares exceeding thirty per cent. of the paid-up capital of Niraj Kakad Constructions Private Limited. The notification comes into force on its publication date in the Official Gazette and will cease to operate at the expiration of the 7th day of July, 2030, except for actions taken before its cessation.

Full Text

Registry No. D.L.-33004/99 REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-07072025-264435 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY NEW DELHI, MONDAY, JULY 7, 2025/ASHADHA 16, 1947 Ministry of Finance (Department of Financial Services) Notification New Delhi, the 7th July, 2025 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 7th July, 2025. S.O. 3018(E).—In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as the said Act), the Central Government, on the recommendation of the Reserve Bank of India, hereby declare that the provisions of sub-section (2) of section 19 of the said Act shall not apply to the IDFC First Bank Limited, in so far as they relate to its holding shares of an amount exceeding thirty per cent. of the paid-up capital of Niraj Kakad Constructions Private Limited. 2. This notification shall come into force on the date of its publication in the Official Gazette and shall cease to operate at the expiration of the 7th day of July, 2030, except as respects things done or omitted to be done before such cesser. [F. No. 7/57/2019-BOA-I] ASHISH MADHAORAO MORE, Jt. Secy.

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