Banking

PSB stakes lowered to 51 %: Jaitley

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The government is planning to moot the its stakes of the state-owned banks to 51 per cent while announcing a series of major banking reforms, Union Finance Minister Arun Jaitley said.

“Public sector banks have played an important role in financial inclusion but at the same time, political government needs to maintain arm’s-length distance from these banks and allow them to have more professionalised bank boards. The banks will have to work on banking considerations,” said Jaitley at the CNN Asia Business Forum in Mumbai.

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