Cabinet approves amendment of SBI Act

New Delhi, Aug 24 (UNI) The Union Cabinet today gave its approval for amending the existing provisions of the State Bank of India Act, 1955, to enable the mega Public Sector Bank to access the capital markets for raising funds.

''The SBI (Amendment) Bill will enable State Bank to attract a large number of small individual investors,'' Minister for Information and Broadcasting Priya Ranjan Dasmunsi told newspersons here after a Cabinet meeting this evening.

Mr Dasmunsi said the legislative changes will enable smooth functioning and better control over the Bank so that it can discharge its functions more efficiently.

The SBI (Amendment) Bill will be introduced in Parliament with such modifications, he said.

UNI GS RP RAI2058