September 2019 \ News \ PSU BANKS—HIGHER GOVERNMENT STAKE
Govt to hold 51% stake in PSU banks

Finance Secretary Rajeev Kumar said ...

  • The Union Minister for Finance and Corporate Affairs Mrs Nirmala Sitharaman addressing a press conference in New Delhi in August 2019. The Secretary, Department of Financial Services Mr Rajiv Kumar, the Principal Director General (M&C), Press Information Bureau, Mr Sitanshu R. Kar are also seen

Finance Secretary Rajeev Kumar said in August that the Government will keep its stake in the nationalised banks at 51 per cent. “PSU banks do a lot for the general public. The government will keep its stake at 51 per cent in the nationalised banks,” he said at a Finance Ministry briefing to announce the mergers of PSU banks.

The Government announced the mega-merger of 10 PSU banks into four entities, where the Punjab National Bank, the Oriental Bank of Commerce and the United Bank will merge to become the second-largest public sector bank (PSB) while the Canara Bank and the Syndicate Bank will amalgamate to set up the fourth-largest PSU banking entity. India will now have 12 state-run banks instead of 27.




Tags: PSU banks

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