The Ministry of Finance on 25th January 2021 has published the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 to further amend the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970.
The Amendment brings in a Special Provision Rule 14A in which a nationalized bank is required by law to do any act and in order to do so the recommendations or approval of the Committee of the Board of the bank is required, and if the Board is satisfied that quorum for meeting of such Committee cannot be met on account of either existence of any vacancy in such Committee or recusal by member thereof, the Board may do that act or thing.
