The parliamentary committee fails to meet even once since last year…

The Parliamentary Standing Committee on Finance has failed to meet even once to discuss the proposed amendments to the existing State Bank of India (SBI) Act. The Bill seeking amendments to the existing act was tabled in Parliament last year.

The SBI (Amendment) Bill would enable the country’s largest bank to attract a large number of small individual investors. It would also enable SBI to issue bonus shares as well as preference shares, besides allowing the Reserve Bank of India (RBI) to transfer its shares. The amendments are especially crucial, as banks would be required to meet the stringent Basel II norms next year.