Cabinet committee on privatisation yet to take decision on two banks: FM

This is tantamount to conducting banking business without obtaining a banking licence from RBI, in violation of the provisions of the Banking Regulation Act, 1949. In this regard, she said, the RBI had requested chief secretaries of all the states and Union Territories and the Central Registrar of Cooperative Societies to take necessary action against such unlicensed entities operating in their respective jurisdictions.

from Economy-News-Economic Times https://ift.tt/3F6OM5n