Bank Investment Company may be approved in upcoming Budget, finally

A key question is how the BIC is to be funded. To start with, it may have to be a wholly-owned government entity

Topics
Budget | Union Budget | Indian Banks Association

Hamsini Karthik & Raghu Mohan  |  Mumbai 

The Centre is set to breathe life into the Bank Investment Company (BIC) in the Union Budget 2021-2022, and, simultaneously, start the process of amending the Bank Nationalisation Acts of 1970 and 1980, and the State Bank of India (SBI) Act of 1955. This will bring to fruition discussions between the Centre and the Reserve Bank of India (RBI), which have been on since June 2020.

The Indian Banks’ Association has also figured in some of the parleys. The lack of fiscal headroom, and the fact that the valuations of these banks are low, have resulted in the Centre’s stake ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, January 04 2021. 06:10 IST
RECOMMENDED FOR YOU