FinMin exempts Indian Bank from Banking Regulations Act for exceeding Shareholding in ASREC (India) Limited [Read Notification]

ASREC (India) is a prominent entity in the asset reconstruction sector
Indian Bank - Banking Regulation Act - ASREC India - taxscan

The Ministry of Finance has announced a notification allowing Indian Bank a temporary exemption from certain provisions of the Banking Regulation Act, 1949. Specifically, the bank can now continue holding more than a 30% stake in ASREC (India) Limited until March 31, 2026. This decision comes following recommendations from the Reserve Bank of India (RBI)….

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