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English Release 30-October 2014
Date Month Year
  • President's Secretariat
  • President to flag off the ‘Run for Unity’ tomorrow at Rashtrapati Bhavan
  • Vice President's Secretariat
  • STUDENTS FROM J&K UNDER AEGIS OF SADBHAVNA EDUCATIONAL /MOTIVATIONAL TOUR CALL ON VICE PRESIDENT
  • Vice President Inaugurates 7th Asia-Pacific Heart Rhythm Scientific Session
  • Prime Minister's Office
  • PM condoles loss of lives in Sri Lanka landslide
  • Shri Azim Premji calls on the Prime Minister
  • Goa CM calls on PM
  • Department of Space
  • Engineers’ Conclave-2014 to be held in Bangalore
  • Min of Agriculture
  • Shaida Moh. Abdali Afghanistan Ambassador Calls on Union Agriculture Minister Shri Radha Mohan Singh
  • Good Performance of NCDC
  • Min of Consumer Affairs, Food & Public Distribution
  • Sugar production estimated 250.46 lakh tons during 2014-15
  • Ministry of Finance
  • Government Committed to Increase Savings Rate in the Country: Secretary, Financial Services;
  • Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money
  • Min of Health and Family Welfare
  • For ending TB, Dr Harsh Vardhan calls for “Power of belief”
  • Min of Home Affairs
  • Activities on Rashtriya Ekta Diwas celebrations on 31st October
  • Union Home Minister Approves Grant of Higher Compensation to Victims of Riots, Naxal and Terrorist Violence
  • Min of Human Resource Development
  • Ministry of HRD to Host 2nd Meeting of SAARC Education Ministers
  • Min of Personnel, Public Grievances & Pensions
  • Early closure of Government Offices today in connection with the “Run for Unity” flag off at Vijay Chowk
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 85.14 per bbl on 29.10.2014
  • Min of Urban Development
  • Japan offers assistance in promoting Intelligent Transport Systems
  • Ministry of Water Resources
  • Uma Bharti to Visit Kanpur Tomorrow
  • Min of Women and Child Development
  • Smt. Maneka Sanjay Gandhi to hold first round of Regional Consultations on Beti Bachao Beti Padhao Scheme in Chandigarh tomorrow

Previous Date

 
Ministry of Finance29-June, 2007 16:55 IST
Government acquires entire RBI shareholding in SBI
In its biggest ever cash purchase, Government today acquired entire Reserve Bank of India (RBI) shareholding in State Bank of India (SBI) consisting of 31,43,39,200 equity shares with face value of Rs. 10/- each @ Rs. 1130.35 per share at a total amount of Rs. 35,531,33,14,720 (Rupees Thirty five thousand five hundred thirty one crore, thirty three lakhs, fourteen thousand seven hundred twenty). Though, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, known as Takeover Regulations, per se were not applicable in this transaction, for sake of greater transparency, the valuation of RBI stake in SBI was worked out as per SEBI guidelines taking 28th February, 2007, as the “reference date”, the day on which the decision of the Government to acquire RBI stake in SBI was announced by Finance Minister in his Budget Speech and the intention of the Government to acquire SBI was made public. Government has also decided to acquire RBI shareholding in NABARD and NHB by June, 2008.

The Committee on Banking Sector Reforms (Narasimham Committee II), inter-alia, observed that it is inconsistent with the principles of effective supervision that the regulator is also an owner of a bank and this would require the Reserve Bank of India (RBI) to divest its holding in banks and financial institutions. In its Monetary and Credit Policy for the year 2001-02, RBI announced its intention to transfer the ownership of shares in State Bank of India (SBI), National Housing Bank (NHB) and National Bank for Agriculture and Rural Development (NABARD) in favour of the Government of India. Accordingly, RBI sent a proposal to transfer its shares in these entities to the Government of India. RBI holds 59.73% stake in SBI, 72.50% in NABARD and 100% in NHB.

Finance Minister, in his Budget Speech for the year 2007-08, announced the proposal of the Government to acquire entire stake of RBI in SBI, and provided a sum of Rs. 40,000 crore for transfer of RBI shareholding in SBI to the Government of India. An Ordinance was promulgated to provide requisite statutory provisions in State Bank of India Act, 1955 to facilitate this transaction, and Government appointed 29th June, 2007 the date for transfer of stake.

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RP/GN-293/07
(Release ID :28897)

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