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Govt to shed holdings in nationalised banks

The government has decided to accept the recommendations of the Narasimham Committee on banking sector reforms and shed its holdings in nationalised bank to 33 per cent.

This, however, will be done without changing the public sector character of the banks by ensuring that the shares sold are widely held by the public.

Finance Minister Yashwant Sinha while presenting the budget in the Lok Sabha today said with the government budget under severe strain, there was no option but to raise capital from the public.

The minister said employees of these banks will be fully protected and necessary changes in legislative provisions will be brought about to accord flexibility and autonomy to their boards.

The finance minister also proposed to introduce a new bill which will strengthen the hands of depositors in situations of malafide or fraudulent actions of non-banking finance corporations.

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