..“The Bank Nationalisation Act of 1969 was necessary at that time and its enactment was for government ownership of the banks. But 45 years after the Act was promulgated, it is important for us to ask if this is the best legislative structure under which the banks should now function. For a long time, we had an unreformed Companies Act, but in 2013 we got the new Companies Act which creates good governance structure at the level of the board.” According to Nayak, one of the perspectives that guided the panel was that there should be only one kind of bank licence irrespective of ownership and all banks should come under the Companies Act. “.......
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