Centre notifies Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 [Read Judgment]

The Government notified the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 which seeks to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970.

The government inserted Paragraph 14A in the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970 which specifies the special provisions.

As per the new provision where a nationalised bank is required by law to do any act or thing and in order to do so the recommendations or determination of, or resolution of grievances of security holders by, or in respect of any appointment, approval or review by any Committee of the Board of the bank is required, and if the Board is satisfied that quorum for meeting of such Committee cannot be met on account of either existence of any vacancy in such Committee or recusal by member thereof, the Board may do that act or thing.

To Read the full text of the Notification CLICK HERE

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