**Policy Summary:**
This notification, S.O. 2106(E), issued by the Ministry of Finance, Department of Financial Services, on June 14, 2016, pertains to the Punjab National Bank (PNB). The Central Government, acting on the recommendation of the Reserve Bank of India, declares that subsection (2) of section 19 of the Banking Regulation Act, 1949, will not apply to PNB. Specifically, this exemption allows PNB to hold shares exceeding thirty percent of its own paid-up share capital in Punjab National Bank Housing Finance Limited, notwithstanding the aforementioned section of the Banking Regulation Act. The legal basis for this notification is subsection (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949). The responsible Joint Secretary is Mohammad Mustafa. The file number for this notification is 71642011BOA.
Key Entities Referenced
Banking Regulation Act, 1949: A law that governs the regulation of banking companies in India.
Central Government: The executive authority of India.
Reserve Bank: The central bank of India.
Punjab National Bank: A major public sector bank in India.
Punjab National Bank Housing Finance Limited: A housing finance company associated with Punjab National Bank.
Ministry of Finance: A ministry in the Government of India responsible for financial matters.
Department of Financial Services: A department within the Ministry of Finance responsible for financial services.
New Delhi: The capital of India, where the notification was issued.
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[फा.सं. 7/164/2011-बीओए]
मोह7मद मु8तफा, संयु(cid:22) सिचव
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 14th June, 2016
S.O. 2106(E).—In exercise of the powers conferred by sub section (1) of section 53 of the Banking
Regulation Act, 1949 (10 of 1949), the Central Government, on the recommendation of the Reserve Bank,
hereby declare that the provisions of sub-section (2) of section 19 of the Banking Regulation Act, 1949, shall
not apply to the Punjab National Bank in so far as they relate to its holding shares of an amount exceeding
thirty percent of its own paid-up share capital in the Punjab National Bank Housing Finance Limited.
[File No. 7/164/2011-BOA]
MOHAMMAD MUSTAFA, Jt. Secy.
3018 GI/2016
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.