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RBI panel’s suggestion ‘rightfully’ puts greater onus on promoters: Ashok Hinduja

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Mumbai, Nov 22, 2020-
Applauding the recommendation of the Reserve Bank of India (RBI) to increase the shareholding of bank’s promoters in the bank, Ashok Hinduja, Chairman of the Hinduja Group of Companies (India), said that the report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit.

In its report released on Friday, the report by the RBI committee said that suggested that while the initial five-year lock-in period for promoter shareholding in banks with a minimum holding of 40 per cent per cent of the paid-up voting equity share capital may continue, the cap on promoters’ stake in long run of 15 years may be raised from the current levels of 15 per cent to 26 per cent.

“The report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit of 26 per cent with commensurate voting rights,” Hinduja said in a statement on Sunday.

“It helps strengthen the institutional framework by ensuring the promoter responsibility with more skin in the game, supervisory stance for large conglomerates, including consolidated supervision will ensure the necessary check and balance in the system.”

He, also said that the working group has taken a timely and bold stand by proposing a uniform regulatory framework for entire banking system, dispensing with the regulatory arbitrage available between banks, NBFCs, small finance banks and payments banks.

Hinduja, however, also struck a note of caution, saying: “Ring fencing the banking sector from a myriad of emerging risks has to be constant endeavour, and I am certain the Reserve Bank of India will exercise a continuous vigil as it has done in the past.”

Hinduja Group has been seeking to raise its stake in IndusInd Bank.

In June, promoters of the Bank said that they would increase their stake in the bank by purchasing additional shares from the open market. In April, the Hinduja family-backed IndusInd Bank had also said that its promoters have sought the RBI’s approval for increasing their permissible holding to 26 per cent. (Agency)

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