On Friday, FICCI president Rashesh Shah said that he met the Finance Minister and asked him to begin the process of bank privatisation in a phased manner, leaving just 2-3 lenders in the public sector.
The call for privatisation gathered currency after diamond jeweller Nirav Modi allegedly colluded with some officials of PNB to fraudulently obtain guarantees so as to avail loans from Indian banks overseas. Industry body Assocham has urged the government to reduce its stake in public sector banks to less than 50 per cent so that they can work with the sense of accountability and with the interest of stakeholders. PTI
Source : http://assamtribune.com