SHILLONG: Joint Council of Meghalaya Rural Bank Unions staged a lunch-hour demonstration at the head office and regional office of the Bank on Tuesday at the call of All India Regional Rural Bank Employees Association (AIRRBEA) against the RRB Act Amendment Bill, 2014 which ) was passed by Lok Sabha on December 22.
As per Section 5 of the Principal Act, the paid up share capital is sought to be increased from Rs. 5 crore to Rs. 2000 crore. In case the RRB raises its capital from sources other than the Central Government, the State Government and the Sponsor Bank, the shareholding of the Central Government will be decreased from 50%, a statement issued by the Union said.
The main point of objection of the Association and Unions is dilution of share holding of the Central Government and the State Government which are still in the domain of public sector, the statement added.
