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Govt plans to reduce number of state-owned banks to just five: report

Jul 21, 2020 12:55 IST

India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five, Reuters reported citing government and banking sources. The government is working on a privatisation plan to raise money by selling assets in non-core companies and sectors when the country is strapped for funds due to a lack of economic growth caused by the coronavirus pandemic. Several government committees and the Reserve Bank of India have recommended that India should have not more than five state-owned banks.