Government favours consolidation of PSU banks
11/07/2014 10:01
Favouring consolidation in banking, Finance Minister Arun Jaitley said he intends to reform the sector and give banks more autonomy to expand faster, reported PTI. "There have been some suggestions for consolidation of public sector banks. Government, in principle, agrees to consider these suggestions," he said in the Budget speech. Later, Jaitley said the consolidation would be between a big bank and its subsidiaries, and with important reforms anything would be possible. The minister further said that the government will retain 51 per cent holding in PSU banks. This would help them to raise money over the next 3 years. Talks have been going on for long for merging SBI's subsidiaries with the parent bank, said the media report.
11/07/2014 10:01
Favouring consolidation in banking, Finance Minister Arun Jaitley said he intends to reform the sector and give banks more autonomy to expand faster, reported PTI. "There have been some suggestions for consolidation of public sector banks. Government, in principle, agrees to consider these suggestions," he said in the Budget speech. Later, Jaitley said the consolidation would be between a big bank and its subsidiaries, and with important reforms anything would be possible. The minister further said that the government will retain 51 per cent holding in PSU banks. This would help them to raise money over the next 3 years. Talks have been going on for long for merging SBI's subsidiaries with the parent bank, said the media report.
