Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2011

 
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S.O.2736(E).--In exercise of the powers conferred by section 9 of the Banking "Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the Central Government, after consultation with the Reserve Bank of India, hereby makes the following scheme further to amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970, namely:-

1. (1) This scheme may be called the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2011.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, after clause 13, the following clause shall be inserted, namely:-

"13A. Credit Approval Committee.--

(1) There shall be a Credit Approval Committee of the Board.

(2) The Credit Approval Committee referred to in sub-clause (1), shall consists of -

(a) the Chairman and a Management Director;

(b) the Executive Directors;

(c) the Chief General Manager or the General Manager in charge of the Credit;

(d) the Chief General Manager or the General Manager, as the case may be, in-charge of the Finance; and

(e) the Chief General Manager or the General Manager, as the case may be, in-charge of the Risk Management.

(3) The Credit Approval Committee shall exercise the powers of the Board with regard to credit proposals --

(a) upto the four hundred crore rupees in case of the category A Banks having business of three lakh crore rupees or more; or

(b) upto the two hundred fifty crore rupees in case of the other Nationalised Banks.

(4) The credit proposals which exceed the power delegated to the officials of the Nationalised Banks including powers delegated to the Chairman and Managing Director, and the credit proposals being considered by the Management Committee shall be considered by the Credit Approval Committee subject to the limit specified in sub-clause (3) and the credit proposals which exceed such limits be considered by the Management Committee.

(5) The quorum for a meeting of the Credit Approval Committee shall be three members.

(6) The meetings of the Credit Approval Committee shall be attended by the Chairman and Managing Director and one of the Executive Directors.

(7) The minutes of the Credit Approval Committee shall be laid before the Board as soon as may be after the end of the meeting.

(8) Save as otherwise provided in this clause, the provisions of...

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