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India: CCI may gain power to review banking sector

By  |  November 18, 2012
India: CCI may gain power to review banking sector

The Competition Commission of India may now be involved in all mergers and acquisitions activities in the banking sector, according to reports. Recent provisions in the amendment to the Competition Act would require all M&A activity among banks to be reviewed by the CCI for threats to competition as well as other antitrust regulation, and would require the CCI to work with the Reserve Bank of India, who currently monitors banking merger activity to ensure the “health” of the banks. While the CCI and the RBI would have two different priorities when monitoring banking M&A activity – the CCI to ensure healthy competition, the RBI to ensure healthy banks – some experts say the two may not easily work together. The Banking Laws (Amendment Bill) of 2011 had requested banks to be exempt from CCI review and would be removed or amended if the proposal gets government approval, say sources.

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