Cabinet approves ordinance to amend State Bank of India Act, 1955

The Union Cabinet today accorded its approval for carrying out the amendments to the State Bank of India Act, 1955 through an Ordinance.

New Delhi, June 15 : The Union Cabinet today accorded its approval for carrying out the amendments to the State Bank of India Act, 1955 through an Ordinance.

The amendments would enable the transfer of Reserve Bank of India's (RBI) shareholding in the State Bank of India (SBI) to the Central Government.

Meanwhile, the Union Cabinet also accorded its approval for promulgation of the National Capital Territory of Delhi Laws (Special Provisions) Ordinance, 2007 to grant temporary relief from forcible action against unauthorized development for a period of one year in Delhi.

An unauthorized development, including the form of encroachment by slum and jhuggi-jhompri dwellers, hawkers and urban street vendors and unauthorized development in the existing farm houses, involving construction beyond permissible building limits and schools, dispensaries, religious institutions and cultural institutions in rural areas built on agricultural land.

The Ordinance would provide temporary relief against forcible action to people of the above categories as to avoid undue hardship and irreparable loss and also allow for a balanced and well-considered view to be taken on policies involving such unauthorized development thereby to formulate schemes to address these issues.

Both bills will be moved in the coming session of Parliament to replace the Ordinance.

ANI