Quick Summary
The Ministry of Finance has issued a notification granting Indian Bank a temporary exemption under the Banking Regulation Act, 1949, allowing it to continue holding over 30% stake in ASREC (India) Limited until March 31, 2026. The move comes following a recommendation from the Reserve Bank of India
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FAQ :
The notification grants Indian Bank a temporary exemption, allowing it to hold more than a 30% stake in ASREC (India) Limited.
The exemption is valid until March 31, 2026.
The exemption applies to sub-section (2) of Section 19 of the Banking Regulation Act, 1949.
It restricts banks from holding shares in any company (other than a subsidiary) exceeding 30% of that company's paid-up capital.
ASREC (Asset Reconstruction Company - India) is a company involved in recovering non-performing assets (NPAs) in India.
The exemption was granted following a recommendation from the Reserve Bank of India (RBI).
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