Amendment in Nationalised Banks Scheme

NOTIFICATION

S.O. 366(E).—In exercise of the powers conferred by section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Central Government, after consultation with the Reserve Bank,
hereby makes the following Scheme further to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, namely:—

1. Short title and commencement.—
   (1) This Scheme may be called the Nationalised Banks (Management and
   Miscellaneous Provisions) Amendment Scheme, 2021.
   (2) It shall come into force on the date of its publication in the Official Gazette.
   
2. In the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, after paragraph 14, the following paragraph shall be inserted, namely:—
   
   “14A. Special provision.—Where a nationalised bank is required by law to do any act or thing and in order to do so the recommendations or determination of, or resolution of grievances of security holders by, or in respect of any appointment, approval or review by any Committee of the Board of the bank is required, and if the Board is satisfied that quorum for meeting of such Committee cannot be met on account of either
   existence of any vacancy in such Committee or recusal by member thereof, the Board may do that act or thing.”.

Note: The principal Scheme was published in the Gazette of India, Part II, Section 3, Sub-Section (ii) vide number S.O. 3793, dated 16th November, 1970 and was last amended vide number S.O. 1200(E), dated 23rd March, 2020.

NOTIFICATION

S.O. 367(E).—In exercise of the powers conferred by section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), the Central Government, after consultation with the Reserve Bank, hereby makes the following Scheme further to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980, namely:—

1. Short title and commencement.—
   (1) This Scheme may be called the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021.
   (2) It shall come into force on the date of its publication in the Official Gazette.
   
2. In the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1980, after paragraph 14, the following paragraph shall be inserted, namely:—
   
   “14A. Special provision.—Where a nationalised bank is required by law to do any act or thing and in order to do so the recommendations or determination of, or resolution of grievances of security holders by, or in
   respect of any appointment, approval or review by any Committee of the Board of the bank is required, and if the Board is satisfied that quorum for meeting of such Committee cannot be met on account of either existence of any vacancy in such Committee or recusal by member thereof, the Board may do that act or thing.”

Note: The principal Scheme was published in the Gazette of India, Extraordinary, Part- II, Section 3, Sub-Section (ii) vide number S.O. 875(E), dated 4th November, 1980, and was last amended vide number S.O. 1201(E), dated 23rd March, 2020.

Notification