As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank
New Delhi: The government is likely to consider within a few weeks a proposal for setting up a holding company for public sector banks to enable them to raise capital from the market instead of seeking funds from the exchequer, reports PTI.
“We are moving the Cabinet for setting up a holding company for the public sector banks,” said an official source.
It will take 2-3 weeks. There will be one holding company for all public sector banks, sources said.
They said the law ministry’s opinion has been sought for making legislative changes as various acts will have to be synchronised and amendments will be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.
Besides, State Bank of India Act, 1955, and SBI Subsidiaries Act, 1959, will have to be synchronised with the holding company structure.
“Law ministry has to vet the proposal first. Then it will go to cabinet.” the source said.
As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank, sources said.
The company can be managed by three to four part-time officials, they added.
The Budget 2012-13 had proposed the setting up of a financial holding company that would help raise resources to meet capital needs of state-owned banks.
The ways to defuse the tension on the LoC in Jammu & Kashmir, which was triggered by the brutal killing of two Indian soldiers by the Pakistan Army, were discussed during a telephonic conversation between the Director Generals of Military Operations of the two sides
New Delhi: Top military commanders of India and Pakistan today agreed not to allow escalation of tensions along the Line of Control (LoC) with the Pakistan Army asking its troops to observe ceasefire strictly and exercise restraint, reports PTI.
The ways to defuse the tension on the LoC in Jammu and Kashmir, which was triggered by the brutal killing of two Indian soldiers by the Pakistan Army, were discussed during a telephonic conversation between the Director Generals of Military Operations (DGMOs) of the two sides.
The Army here said the talks lasted for ten minutes starting 10am and during this there was also an understanding not to allow the situation to escalate.
Pakistan Army DGMO conveyed that orders have been passed to troops to strictly observe the ceasefire and exercise restraint, the Army Headquarters said.
Meanwhile, in Islamabad, the state-run Pakistan Radio claimed the country’s DGMO lodged a strong protest with his Indian counterpart over killing of a Pakistani soldier.
Earlier in the day, Indian Army chief Gen Bikram Singh rejected Pakistani allegations that Indian troops had crossed the LoC and indulged in unprovoked firing, saying any casualty on the other side may have been due to retaliatory firing.
“Our jawans don’t cross LoC. We honour human rights. We fire in retaliation when provoked,” he said in Khairiar in Uttar Pradesh after meeting the family of Lance Naik Hemraj who was beheaded by Pakistani soldiers in a cross-LoC attack in Poonch sector of Jammu and Kashmir on 8th January.
Responding to the Pakistani charge that one of its soldiers was killed in “unprovoked firing” along the LoC, the Army chief said it may have happened during cross-firing.
“These are normal activities that take place at the LoC.
We have retaliated in response to cross-firing,” he said.
Replying to questions, Singh said “the relationship (between the two countries) is got to be seen on what has been going on at the border”.
The Pakistan Army had alleged Indian troops had violated the ceasefire along the LoC late last night and “carried out unprovoked firing” in Hotspring and Jandrot sectors.
On the possibility of getting back the head of Hemraj, which was taken away by Pakistani soldiers, the Army chief said efforts are being made to get it back.
Singh, however, refused to respond to Pakistani Foreign Minister Hina Rabbani Khar’s statement that the Indian Army chief’s comments were ‘provocative’, saying he was yet to read the statement.
He met the family of slain Indian soldier Hemraj and offered his condolences. He assured them that all their requirements will be met.
Meanwhile, the three services chiefs met in the evening to discuss issues including the construction of a national war memorial at India Gate and the setting up of a national defence university at Gurgaon near here.
Air India officials said they have grounded all the six planes in its fleet with immediate effect following the FAA directive and the Director General of Civil Aviation (DGCA) advisory
New Delhi: State-owned Air India on Thursday grounded all its six Boeing-787 Dreamliner planes after a global directive by US regulator, Federal Aviation Administration (FAA), to stop operations of all the 50 such planes delivered so far to various airlines, reports PTI.
The FAA directive was immediately adhered to by aviation regulator of countries whose airlines have so far bought these latest aircraft.
On Wednesday, Japan had grounded 24 Dreamliner owned by two of its airlines—ANA (All Nippon Airways) and Japan Airlines.
Air India officials said they have grounded all the six planes in its fleet with immediate effect following the FAA directive and the Director General of Civil Aviation (DGCA) advisory.
They said that FAA has directed the grounding of the entire Dreamliner fleet till such time as the aircraft manufacturer Boeing “demonstrate compliance” of various measures the American regulator has asked it to carry out.
However, the officials maintained that its services will not be affected in any major way as flights to Paris and Frankfurt operated by the Dreamliner will now be serviced by Boeing 777.
While one of the six planes is always on a standby, three are used on the domestic sector and two on international including Paris and Frankfurt, they said, adding that domestic services would be absorbed by the existing fleet of aircraft.