Privatization of PSBs – CII, a industry body headed by Uday Kotak has made the suggestions to Finance Minister Nirmala Sitharaman for reducing stake in Public Sector Banks to 50% as part of pre-Budget consultations. Interestingly, the UDAY Kotak is also a part of Kotak Mahindra Bank, a private bank.
He also advised that government should bring down its stake in state-owned banks to less than 50 per cent, with the exception of three to four large public sector banks such as State Bank of India, Bank of Baroda and Union Bank of India, the Confederation of Indian Industry (CII).
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Theprint reported
“Aggressive disinvestment and monetization of assets can augment government revenues at a time when tax revenues have fallen sharply,” Kotak said.