Banking

Querist : Anonymous (Querist) 18 October 2010 This query is : Resolved
Hello. Is a public sector bank also a public sector company. If so, under which provisions of the companies Act. Please note that public sector bank is governed under the Banking regulations act.

Kindly revert at the earliest.

Thank you in advance to all.

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R.Ramachandran (Expert) 18 October 2010
If a Bank is registered under Companies Act, 1956 is a Company. [Public sector company or not will depend upon whether the majority shareholding is by Government or not.]

Devajyoti Barman (Expert) 18 October 2010
Right.

Rajeev kulshreshtha (Expert) 18 October 2010
Yes

Querist : Anonymous (Querist) 19 October 2010
Thank you all. However, will LIC of India, State Bank of India, Bank of Baroda, Maharashtra Bank, etc, banks which are schedule banks, be covered under the Companies Act, 1956??

Once again thank you in advance to everyone.

Deepak Shenoy (Expert) 19 October 2010
LIC, SBI are formed by a special Acts of Parliament viz. LIC Act 1956, SBI Act 1955. These are known as statutory companies. In addition to provisions of Companies Act 1956, statutes governing these companies are guide the working of these companies... additionally IRDA Act for Insurance Companies, Bnkg Reg Act for Banking Companies.