Ministry of Finance Department of Financial Services

Exemption in the Banking Regulation Act 1949.

Issue Date: 14 May 2025 Published: 14 May 2025

Gazette ID: CG-DL-E-14052025-263100 Download PDF

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Core Purpose

The Central Government declares that sub-section (2) of section 19 of the Banking Regulation Act, 1949 shall not apply to Indian Bank regarding its shareholding in ASREC (India) Limited until 31 March, 2026.

Detailed Summary

The Ministry of Finance (Department of Financial Services), through Notification S.O. 2138(E) dated 14th May, 2025, exercising powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949), on the recommendation of the Reserve Bank of India, declared that the provisions of sub-section (2) of section 19 of the said Act shall not apply to Indian Bank. This exemption relates to Indian Bank's holding shares exceeding thirty per cent. of the paid-up capital of ASREC (India) Limited. The exemption is effective from the date of notification in the Official Gazette and shall remain in force till 31 March, 2026. The notification reference is F. No. 7/11/2022-BOA.I.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-14052025-263100 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 2091] NEW DELHI, WEDNESDAY, MAY 14, 2025/VAISAKHA 24, 1947 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 14th May, 2025 S.O. 2138(E).— In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949), 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 Indian Bank, in so far as they relate to its holding shares of an amount exceeding thirty per cent. of the paid- up capital of ASREC (India) Limited. 2. This exemption shall be in force till 31 March, 2026. 3. This notification shall come into force with effect from the date of its notification in the Official Gazette. [F. No. 7/11/2022-BOA.I] SAMEER SHUKLA, Jt. Secy.

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