Question
Under the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970, what is the restriction on shareholding by a company in a corresponding new bank (nationalised bank)?Solution
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 provides that no company shall hold or acquire shares in a corresponding new bank such that its aggregate investment exceeds the percentage not being more than 20% of the paid-up capital as specified by the Central Government by notification in the Official Gazette. This restriction ensures that no single corporate entity can acquire a dominant stake in a nationalised bank. The Central Government holds a majority stake in all corresponding new banks established under this Act.
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