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
Morgan Stanley Asia private equity unit to reorganise as CEO retires
US seeks 36 months’ jail for Binance founder Zhao
Keppel’s Q1 revenue down 6.3% to S$1.5 billion; legacy O&M assets a drag on net profit
JPMorgan talking with investors about two synthetic risk transfers
HSBC says growing Chinese wealth fuels client investments in US
Money laundering accused Su Baolin to plead guilty after being handed 3 more charges