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India: Gov’t backtracks, keeps banking mergers out of reach of CCI

By  |  December 12, 2012
India: Gov’t backtracks, keeps banking mergers out of reach of CCI

The government has returned to a former proposal that any mergers involving banking companies are to be left out of reach of the Competition Commission of India. In a 2011 proposed amendment to the Competition Act, India’s government had proposed that banks be exempt from the competition legislation; banking mergers will remain under jurisdiction of the Reserve Bank of India. While the Finance Ministry was at one time considering placing banking mergers under jurisdiction of the CCI, reports now say the government will still to the original plans of the Banking Laws Bill 2011.

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