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Cabinet Allows Raising Pvt Bank Voting Rights To 26%

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With the government staring at a slowing economy, triggered by a lack of reforms, the announcement could bring some cheer to investors, but needs to be cleared by parliament

The cabinet approved raising voting rights of stakeholders in private banks to 26 per cent from 10 per cent, a senior minister said on Thursday, in a long-awaited boost for the banking sector.

"The cabinet has cleared banking laws (Amendment Bill 2011). It also approved increase of voting rights from 10 per cent to 26 per cent for private-sector banks," Information and Broadcasting Minister Ambika Soni told reporters after a cabinet meeting.

With the government staring at a slowing economy, triggered by a lack of reforms, the announcement could bring some cheer to investors, but needs to be cleared by Parliament.

(Reuters)


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