Date: 2014-01-23Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt. on the recommendations of Reserve Bank of India, hereby declares that the provisions of Section 10(1)(c)(i) of the Banking Regulation Act, 1949 shall not apply to Shri Shyam Srinivasan, Managing Director and Chief Executive Officer.
**Policy Summary**
This notification, S.O. 208(E), issued by the Ministry of Finance, Department of Financial Services on January 7, 2014, declares an exemption under Section 53 of the Banking Regulation Act, 1949. Specifically, Section 10(1)(c)(i) of the Banking Regulation Act, 1949 will not apply to Shri Shyam Srinivasan, Managing Director & Chief Executive Officer of The Federal Bank Limited, concerning his nomination to the Board of IDBI Federal Life Insurance Co. Limited (IFLIC). The Central Government issued this declaration based on the recommendations of the Reserve Bank of India. The notification is referenced as F. No. 6/12/2013-BO.II and signed by Tirth Ram, Under Secretary.
Key Entities Referenced
Banking Regulation Act, 1949: An act of the Indian Parliament to regulate the banking sector in India.
Reserve Bank of India: The central bank of India.
Shri Shyam Srinivasan: Managing Director & Chief Executive Officer of The Federal Bank Limited.
The Federal Bank Limited: A private sector commercial bank in India.
IDBI Federal Life Insurance Co. Limited: A life insurance company. Now Ageas Federal Life Insurance Co Ltd.
Ministry of Finance: A ministry in the Government of India responsible for the country's finances.
Department of Financial Service: A department under the Ministry of Finance, Government of India.
New Delhi: Capital of India
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EXTRAORDINARY
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PART II—Section 3—Sub-section (ii)
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PUBLISHED BY AUTHORITY
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No. 169] NEW DELHI, THURSDAY, JANUARY 23, 2014/MAGHA 3, 1935
foÙk ea=kky; MINISTRY OF FINANCE
(foÙkh; lsok,a foHkkx) (Department of Financial Service)
vf/lwpuk NOTIFICATION
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by Section 53 of the Banking Regulation Act, 1949 (10 of
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1949), the Central Government on the recommendations of
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Reserve Bank of India, hereby declares that the provisions
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of Section 10 (1) (c) (i) of the Banking Regulation Act, 1949
10(1) (x)(i) ds mica/ Jh ';ke Jhfuoklu] izca/ funs'kd ,oa shall not apply to Shri Shyam Srinivasan, Managing
eq[; dk;Zdkjh vf/dkjh] iQsMjy cSad fyfeVsM ij ykxw ugha gksaxs] Director & Chief Executive Officer, the Federal Bank Limited
in so far as they relate to his nomination to the Board of
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IDBI Federal Life Insurance Co. Limited (IFLIC).
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¹iQk- l-a 6@12@2013&chvk&s IIº [F. No. 6/12/2013-BO-II]
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TIRTH RAM, Under Secy.
310 GI/2014
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.