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English Release 24-July 2014
Date Month Year
  • President's Secretariat
  • President of India condoles the loss of lives of school children in a bus accident in Telangana
  • President of India inaugurates bank and post office at their new locations in the President’s estate
  • Prime Minister's Office
  • Nagaland Governor calls on PM
  • PM condoles loss of lives in accident in Medak district
  • Delegation from Aga Khan Foundation meets PM
  • Department of Atomic Energy
  • Production of Atomic Energy in Gujarat
  • Preparation of Nuclear and Radiation Safety Policy
  • Facilities for Workers in Atomic Projects
  • Concern Over Nuclear Liability Law
  • Rare Earths in Kollam
  • Department of Space
  • Launching of Mars Orbiter Mission Spacecraft
  • Launching of SAARC Satellite
  • Problem of Waste Deposits in Space
  • Space Projects Initiated/Pending Completion
  • Min of Coal
  • Import Policy for Coal
  • Projects of CIL
  • Min of Defence
  • MALABAR – 2014
  • Min of External Affairs
  • Strengthening of India-Asean ties
  • Revisiting of nuclear liability bill
  • Hiring of consultants for business promotion
  • Complicated procedure for passports
  • Text of the Statement on Calling Attention Motion on "Situation Arising out of Indians Stranded in Iraq and Steps Taken by the Government in this Regard" in the Lok Sabha by the Minister
  • Ministry of Finance
  • Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 2326.72 Crore
  • Special Arrangements Made for Accepting Returns of Income
  • Min of Minority Affairs
  • Social and Educational Uplift of Minorities
  • Scholarship to Students of Minority Community
  • Setting up of Minority Commission
  • Min of New and Renewable Energy
  • Setting up of Biogas Plants
  • Production of Bio-Compressed Natural Gas
  • Jawaharlal Nehru National Solar Mission
  • Installation of Solar Water Pumps
  • Min of Overseas Indian Affairs
  • Support to Indian workers overseas
  • Problem due to weak immigration laws
  • Legal assistance to overseas Indians
  • Complaints against fraudulent recruiting agents
  • Centre to help Indian workers abroad
  • Min of Personnel, Public Grievances & Pensions
  • Combined Medical Services Examination, 2014
  • Special Cadre for Super Specialist Doctors
  • Award to Industrious Government Staffers
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket decreased to US$ 105.56 per bbl on 23.07.2014
  • Min of Power
  • Privatisation of Electricity Production
  • Power for All
  • Steps Taken To Increase Power Production
  • Ministry of Railways
  • Advance Booking of Reserved Train Tickets
  • Advance Booking of Reserved Train Tickets
  • Modernisation of Railway Network
  • Running of Summer Special Trains
  • Development of Railway Stations for Tourism
  • Emergency Medical Facilities in Trains
  • Min of Social Justice & Empowerment
  • National Commission for Backward Classes
  • National Overseas Scholarships for SC's
  • Legislature on Eradication of Manual Scavenging
  • Drug Abuse among Citizens
  • Min of Statistics & Programme Implementation
  • Review of Function of MPLADS
  • Ministry of Water Resources
  • Narmada Canal Project
  • Ganga Manthan
  • Areas under Water Bodies
  • Water Logging and Salinity in Command Areas
  • Availability of Surface and Ground Water
  • Indo-Nepal Joint Ministerial Commission on Water Resources
  • Flood Management
  • Min of Women and Child Development
  • Two lakh Anganwadi Centre Buildings approved for construction by Government in 12th Plan
  • Logo Design Competition launched for ‘Beti Bachao Beti Padhao’ Campaign

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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