Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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                            <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Central bank sold its majority stake in Oct 2010; change will ensure entire equity &nbsp;is held by the govt</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99% of Nabard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The decision was taken that RBI&rsquo;s equity will get transferred to the government. But the complete transfer could not take place because the laws say that equity shareholding in Nabard will be jointly held by the government and RBI,&rdquo; a finance ministry official said, requesting anonymity. &ldquo;The change in the law will ensure that the complete stake is held by the government.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard chairman Prakash Bakshi confirmed the development.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Finance minister Pranab Mukherjee in his 16 March budget speech had said the National Bank for Agriculture and Rural Development (Amendment) Bill, 2012, would be introduced in the ongoing budget session.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The introduction of the amendment Bill follows recommendations made by the Narasimham committee-II in 1998 that the central bank shed stakes in entities that it regulates.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government has, however, rejected Nabard&rsquo;s demand to allow it to lend directly to non-banking financial companies (NBFCs) and other privately owned firms.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, Nabard had sought more autonomy from the government through changes in the law so that it does not have to seek prior approval from RBI to provide short-term loans to NBFCs and private companies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Nabard should focus on the reason why it was created. There are so many other institutions who do direct lending,&rdquo; the official said. &ldquo;There is no need for Nabard to get into direct lending.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard was set up as a development bank to facilitate credit flow to the farm sector. It provides refinance facilities to commercial banks, cooperative banks and regional rural banks for lending to agriculture and allied activities.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, the government had approved a proposal to increase the capital of Nabard by infusing Rs.3,000 crore as government equity in two instalments of Rs.1,000 crore in 2011-12 and Rs.2,000 crore during 2012-13. The infusion will raise the paid-up capital of Nabard to Rs.5,000 crore.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Through the Nabard amendment Bill, the government will also combine the posts of chairman and managing director.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Combining the two posts is in line with the industry practice,&rdquo; said Bakshi. &ldquo;Most of the banks have one post of chairman and managing director.&rdquo;</div>                                                           
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    <br><a href="http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp" class="re" target="_blank">Live Mint, 24 April, 2012, http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp</a><div class="clear"></div>
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    <h1 class="cat-box-title">Govt to amend law so RBI can sell 1% stake in Nabard-Remya Nair</h1>
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                            <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Central bank sold its majority stake in Oct 2010; change will ensure entire equity &nbsp;is held by the govt</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99% of Nabard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The decision was taken that RBI&rsquo;s equity will get transferred to the government. But the complete transfer could not take place because the laws say that equity shareholding in Nabard will be jointly held by the government and RBI,&rdquo; a finance ministry official said, requesting anonymity. &ldquo;The change in the law will ensure that the complete stake is held by the government.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard chairman Prakash Bakshi confirmed the development.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Finance minister Pranab Mukherjee in his 16 March budget speech had said the National Bank for Agriculture and Rural Development (Amendment) Bill, 2012, would be introduced in the ongoing budget session.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The introduction of the amendment Bill follows recommendations made by the Narasimham committee-II in 1998 that the central bank shed stakes in entities that it regulates.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government has, however, rejected Nabard&rsquo;s demand to allow it to lend directly to non-banking financial companies (NBFCs) and other privately owned firms.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, Nabard had sought more autonomy from the government through changes in the law so that it does not have to seek prior approval from RBI to provide short-term loans to NBFCs and private companies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Nabard should focus on the reason why it was created. There are so many other institutions who do direct lending,&rdquo; the official said. &ldquo;There is no need for Nabard to get into direct lending.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard was set up as a development bank to facilitate credit flow to the farm sector. It provides refinance facilities to commercial banks, cooperative banks and regional rural banks for lending to agriculture and allied activities.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, the government had approved a proposal to increase the capital of Nabard by infusing Rs.3,000 crore as government equity in two instalments of Rs.1,000 crore in 2011-12 and Rs.2,000 crore during 2012-13. The infusion will raise the paid-up capital of Nabard to Rs.5,000 crore.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Through the Nabard amendment Bill, the government will also combine the posts of chairman and managing director.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Combining the two posts is in line with the industry practice,&rdquo; said Bakshi. &ldquo;Most of the banks have one post of chairman and managing director.&rdquo;</div>                                                           
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    <br><a href="http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp" class="re" target="_blank">Live Mint, 24 April, 2012, http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp</a><div class="clear"></div>
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        LATEST NEWS UPDATES | Govt to amend law so RBI can sell 1% stake in Nabard-Remya Nair    </title>
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Central bank sold its majority stake in Oct 2010; change will ensure entire equity &nbsp;is held by the govt





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Central bank sold its majority stake in Oct 2010; change will ensure entire equity &nbsp;is held by the govt





The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of..." />
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    <h1 class="cat-box-title">Govt to amend law so RBI can sell 1% stake in Nabard-Remya Nair</h1>
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                            <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Central bank sold its majority stake in Oct 2010; change will ensure entire equity &nbsp;is held by the govt</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99% of Nabard.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The decision was taken that RBI&rsquo;s equity will get transferred to the government. But the complete transfer could not take place because the laws say that equity shareholding in Nabard will be jointly held by the government and RBI,&rdquo; a finance ministry official said, requesting anonymity. &ldquo;The change in the law will ensure that the complete stake is held by the government.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard chairman Prakash Bakshi confirmed the development.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Finance minister Pranab Mukherjee in his 16 March budget speech had said the National Bank for Agriculture and Rural Development (Amendment) Bill, 2012, would be introduced in the ongoing budget session.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The introduction of the amendment Bill follows recommendations made by the Narasimham committee-II in 1998 that the central bank shed stakes in entities that it regulates.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The government has, however, rejected Nabard&rsquo;s demand to allow it to lend directly to non-banking financial companies (NBFCs) and other privately owned firms.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, Nabard had sought more autonomy from the government through changes in the law so that it does not have to seek prior approval from RBI to provide short-term loans to NBFCs and private companies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Nabard should focus on the reason why it was created. There are so many other institutions who do direct lending,&rdquo; the official said. &ldquo;There is no need for Nabard to get into direct lending.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Nabard was set up as a development bank to facilitate credit flow to the farm sector. It provides refinance facilities to commercial banks, cooperative banks and regional rural banks for lending to agriculture and allied activities.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Last year, the government had approved a proposal to increase the capital of Nabard by infusing Rs.3,000 crore as government equity in two instalments of Rs.1,000 crore in 2011-12 and Rs.2,000 crore during 2012-13. The infusion will raise the paid-up capital of Nabard to Rs.5,000 crore.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Through the Nabard amendment Bill, the government will also combine the posts of chairman and managing director.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Combining the two posts is in line with the industry practice,&rdquo; said Bakshi. &ldquo;Most of the banks have one post of chairman and managing director.&rdquo;</div>                                                           
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    <br><a href="http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp" class="re" target="_blank">Live Mint, 24 April, 2012, http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp</a><div class="clear"></div>
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Home हिन्दी

Govt to amend law so RBI can sell 1% stake in Nabard-Remya Nair

Published on Apr 24, 2012   Modified on Apr 24, 2012

Central bank sold its majority stake in Oct 2010; change will ensure entire equity  is held by the govt The government will amend a law governing the National Bank for Agriculture and Rural Development (Nabard) to allow the Reserve Bank of India (RBI) to sell its 1% stake in the development lender. The central bank sold its majority stake in the lender to the government in October 2010. The government owns 99% of Nabard. “The decision was taken that RBI’s equity will get transferred to the government. But the complete transfer could not take place because the laws say that equity shareholding in Nabard will be jointly held by the government and RBI,” a finance ministry official said, requesting anonymity. “The change in the law will ensure that the complete stake is held by the government.” Nabard chairman Prakash Bakshi confirmed the development. Finance minister Pranab Mukherjee in his 16 March budget speech had said the National Bank for Agriculture and Rural Development (Amendment) Bill, 2012, would be introduced in the ongoing budget session. The introduction of the amendment Bill follows recommendations made by the Narasimham committee-II in 1998 that the central bank shed stakes in entities that it regulates. The government has, however, rejected Nabard’s demand to allow it to lend directly to non-banking financial companies (NBFCs) and other privately owned firms. Last year, Nabard had sought more autonomy from the government through changes in the law so that it does not have to seek prior approval from RBI to provide short-term loans to NBFCs and private companies. “Nabard should focus on the reason why it was created. There are so many other institutions who do direct lending,” the official said. “There is no need for Nabard to get into direct lending.” Nabard was set up as a development bank to facilitate credit flow to the farm sector. It provides refinance facilities to commercial banks, cooperative banks and regional rural banks for lending to agriculture and allied activities. Last year, the government had approved a proposal to increase the capital of Nabard by infusing Rs.3,000 crore as government equity in two instalments of Rs.1,000 crore in 2011-12 and Rs.2,000 crore during 2012-13. The infusion will raise the paid-up capital of Nabard to Rs.5,000 crore. Through the Nabard amendment Bill, the government will also combine the posts of chairman and managing director. “Combining the two posts is in line with the industry practice,” said Bakshi. “Most of the banks have one post of chairman and managing director.”

Live Mint, 24 April, 2012, http://www.livemint.com/2012/04/23220649/Govt-to-amend-law-so-RBI-can-s.html?atype=tp

Tagged with: Rural Credit

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