Monday, 5 January 2015

Opening news on Indian Stock Market

The government is thinking of asking public sector banks (PSBs) to each form a separate holding company to hold its stake as well as the banks' stakes in their various subsidiaries, as the first step towards a more fundamental reform that could ultimately lead to the nationalised banking sector being freed from majority state ownership.

A senior government official told ET that separate holding companies for each bank will be a precursor to the establishment of a Bank Investment Committee, which will serve as a super holding company of sorts that will exercise control over the various individual holding companies and, in the long term, facilitate the reduction of government stake in these banks to less than 51%. 

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