Special laws for SBI and LIC

sbi-lic-careerSuggesting a level playing field for financial sector entities, a government appointed panel has made a strong pitch for converting SBI, LIC and few other firms into ordinary companies under the Companies Act.

The existing laws which provide special privileges to entities like State Bank of India (SBI) and Life Insurance Corporation (LIC) should be either amended or repealed “to create a level playing field between regulated entities, irrespective of their ownership structure”, it said.

These recommendations form part of the Financial Sector Legislative Reforms Commission (FSLRC) report, which was submitted to Finance Minister P Chidambaram earlier this month.

Besides SBIBSE 0.55 % and LIC, the other financial institutions which are governed by special laws include associate banks of SBI, EXIM Bank, National Housing Bank, NABARD, SIDBI and General Insurance Corporation.
Besides SBI and LIC, the other financial institutions which are governed by special laws include associate banks of SBI, EXIM Bank, National Housing Bank, NABARD, SIDBI and General Insurance Corporation.

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