An internal working group set up by the RBI has proposed to raise the cap on promoters’ stake in private banks from the current 15 % to 26 % in 15 years. The group has also recommended that large corporate or industrial houses may be allowed as promoters of banks only after amendments to the Banking Regulation Act and strengthening …
TN Manoharan, former non-executive chairman of Canara Bank, has been appointed as the administrator of the bank Mumbai: The government on Tuesday placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board, and capped withdrawals at Rs 25,000 per depositor. “Accordingly, after considering the Reserve Bank’s request, the Central Government has imposed moratorium for thirty days effective from today,” …
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