The notification exempts Regional Rural Banks (RRBs) from certain provisions of the Competition Act, 2002 for a period of five years.
This exemption applies to RRBs notified under sub-section (1) of section 23A of the Regional Rural Banks Act, 1976.
Key Changes
Regional Rural Banks are exempted from the application of Section 5 and Section 6 of the Competition Act, 2002.
The exemption is valid for five years from July 19, 2023, the date of publication of the notification in the Official Gazette.
The Central Government is exercising powers conferred by clause (a) of section 54 of the Competition Act, 2002 to grant this exemption in public interest.
Impact Analysis
Regional Rural Banks (RRBs)
Action Item: RRBs should be aware of the specific period of exemption and ensure compliance with the Competition Act after the exemption period expires.
Central Government
Action Item: The Ministry of Corporate Affairs should monitor the impact of this exemption on the competitive landscape in the rural banking sector.
Customers of RRBs
Action Item: Regulators should monitor service levels and customer satisfaction at RRBs to ensure that customers are not adversely affected by any changes resulting from the exemption.
Other Banks and Financial Institutions
Action Item: Other banks and financial institutions may seek clarification on the rationale behind the exemption and its potential impact on competition.
Key Entities Referenced
Central Government: The entity issuing the notification through the Ministry of Corporate Affairs.
Regional Rural Banks (RRBs): Banks established under the Regional Rural Banks Act, 1976, and notified under section 23A(1) of the same act. These are the entities receiving the exemption.
Competition Act, 2002: The Act (12 of 2003) that governs competition in India. Sections 5 and 6 deal with combinations (mergers, acquisitions, etc.) that could have an appreciable adverse effect on competition.
Regional Rural Banks Act, 1976: The Act (21 of 1976) that provides for the establishment and regulation of Regional Rural Banks.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एल.-अ.-19072023-247458
xxxGIDExxx
CG-DL-E-19072023-247458
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 3105] नई दिल्ली, बुधवार, िुलाई 19, 2023/आर्षाढ़ 28, 1945
No. 3105] NEW DELHI, WEDNESDAY, JULY 19, 2023/ASHADHA 28, 1945
कारपोरेट कार् यमत्रं ालर्
अजधसचू ना
नई दिल्ली, 14 िुलाई, 2023
का.आ. 3238(अ).—केन्द्रीर् सरकार, प्रजतस्ट्पधाय अजधजनर्म, 2002 (2003 का 12) की धारा 54 के खंड (क) द्वारा प्रित्त
िजिर्ों का प्रर्ोग करते हुए, प्रािजे िक ग्रामीण बैंक अजधजनर्म, 1976 (1976 का 21) की धारा 23क की उपधारा (1) के अधीन
अजधसूजचत प्रािजे िक ग्रामीण बैंक को लोकजित में, रािपत्र में इस अजधसूचना के प्रकािन की तारीख से पांच वर्षों की अवजध के जलए
प्रजतस्ट्पधाय अजधजनर्म, 2002 की धारा 5 और 6 के उपबंधों के लाग ूिोने से छूट प्रिान करती ि ै।
[फा. सं. 5/31/2015-सीएस]
मनोि पाण्डेर्, संर्ुि सजचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 14th July, 2023
S.O. 3238(E).—In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002
(12 of 2003), the Central Government, in public interest, hereby exempts the Regional Rural Bank notified under
sub-section (1) of section 23A of the Regional Rural Banks Act, 1976 (21 of 1976), from the application of provisions
of section 5 and 6 of the Competition Act, 2002 for a period of five years from the date of publication of this
notification in the Official Gazette.
[F. No. 5/31/2015-CS]
MANOJ PANDEY, Jt. Secy.
4658 GI/2023
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.