"We are moving to Cabinet for setting up a holding company for the public sector banks," said an official source.
It will take 2-3 weeks. There will be one holding company for all public sector banks, sources said.
They said the Law Ministry's opinion has been sought for making legislative changes as various acts will have to be synchronised and amendments will be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.
Besides, State Bank of India Act 1955 and SBI Subsidiaries Act 1959
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