Consolidation may lead to 10-15 state banks: India government adviser
[NEW DELHI] A planned consolidation in India's state-run banking sector may lead to 10 to 15 lenders that are majority owned by the government, down from the current 21, a senior finance ministry adviser said on Friday.
The government may cut its stakes in state-run banks to 52 per cent, Sanjeev Sanyal, principal economic adviser at the finance ministry, told a World Economic Forum event in New Delhi.
The government has previously said it was open to lowering its stakes in the banks, but would retain majority ownership.
More funds will be injected into banks in the next few months, Mr Sanyal also said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover