RBI's entire shareholding in SBI to be trasferred

Mumbai, June 22 (UNI) The entire shareholding of Reserve Bank of India (RBI) in State Bank of India (SBI) will be transferred to the Central Government on June 29 this year.

It has been agreed between the RBI and the Central Government that the entire shareholding of the Central Bank, aggregating 31,43,39,200 equity shares with a face value of Rs 10 each, be transferred to the Central government on June 29 this year against cash payment of Rs 35,531.33 crore, Ministry of Finance Department of Economic Affairs said today in a statement.

This was in due effect of the SBI (Amendment) Ordinance, 2007, amending the State Bank of India Act, 1955, to enable the transfer of RBI's entire shareholding in SBI to Central Government, which has been promulgated on June 21, the statement added.

UNI