More power to boards to frame regulations

New Delhi, Apr 19 (UNI) Aimed at improving the corporate governance of the banks, the Cabinet today approved carrying out amendments on the basis of recommendations of the Standing Committee to the State Bank of India Amendment Bill, 2006 that would also to enhance felxibility of the Boards of Directors.

The move would also improve corporate governance and provide power to the Boards of the subsidiary banks to frame regulations, an official spokesperson told reporters after the cabinet meeting.

The amendments would bring the operations of subsidiary banks in tune with the changed scenario and modern business practices.

UNI