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  3. Government open to dilute its stake in public sector banks to 52%: FM

Government open to dilute its stake in public sector banks to 52%: FM

29 Sep 2015 Evaluate

Finance Minister Arun Jaitley has said that the government is open to dilute its stake in public sector banks to 52 per cent. He said that “We are willing to look at all other changes including bringing down government equity to 52 per cent (in state-run banks), and therefore giving additional financial strength and teeth to the banking institutions themselves”.

Jaitley who was addressing the 68th Annual General Meeting of Indian Banks Association, also said the state-run lenders need to be given independence and should be kept away from any political interference. He added that even Prime Minister Narendra Modi has said that no bank should ever receive formal or informal directives from the government and had advised the banks to operate essentially and exclusively on banking considerations.

The FM said that government would also consider other issues including problems tied to distressed state power providers. He further stated that our distribution networks through the national grids have improved, but the final access is by the state discoms and at the level of state discoms reforms have been carried out in very few states. He further said that RBI has put those state governments on notice that if they do not charge adequately and make users pay for the power supplied the banking system at its own peril cannot continue to support them.

In the major public sector banks, the government owns over 59 per cent stake in largest public sector lender SBI, 76.5 per cent stake in IDBI Bank, nearly 64.5 per cent equity in Canara Bank, in excess of 59 per cent n Punjab National Bank, in Bank of Baroda, the government holds 57.5 per cent, in Allahabad Bank over 60 per cent, 61 per cent in Andhra Bank, 64.4 per cent in Bank of India and 81.5 per cent in Central Bank of India.

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