New Delhi: The government has provided an exemption to Indian Bank to hold shares exceeding 30 per cent in an asset reconstruction company. According to a gazette notification dated January 12, “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 (Banking Regulation 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”. This exemption would be in force till March 31, 2025, it said. This notification would come into force with effect from the date of its…
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