Appointment of directors: central government empowered to appoint full-time directors to corresponding new banks under amended law. The Part comes into force on a date appointed by the Central Government by notification in the Official Gazette. The Bill amends the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to empower the Central Government to appoint up to five full-time directors of the corresponding new bank, thereby altering the statutory appointment mechanism for directors in the context of bank acquisition and transfer.
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Appointment of directors: central government empowered to appoint full-time directors to corresponding new banks under amended law.
The Part comes into force on a date appointed by the Central Government by notification in the Official Gazette. The Bill amends the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 to empower the Central Government to appoint up to five full-time directors of the corresponding new bank, thereby altering the statutory appointment mechanism for directors in the context of bank acquisition and transfer.
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