HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > PTI > Report

Privatisation of public sector banks ruled out

February 25, 2003 14:38 IST

The government on Tuesday ruled out in the Rajya Sabha any proposal to privatise public sector banks in the country.

"No proposal to privatise public sector banks is under consideration of the government," Finance Minister Jaswant Singh said during the Question Hour.

He, however, said an amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 was proposed to modify the stipulation of minimum prescribed government shareholding in nationalised banks from 51 per cent to 33 per cent.

"This is to enable nationalised banks to raise capital from the market without affecting the public sector character of these banks," he said.

Singh said accordingly the Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws Amendment Bill, 2000 was introduced in the Lok Sabha. The Bill was referred to the Standing Committee on Finance in December 2000 and the report of the Committee was still awaited, he said.

© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Higher FII stake likely in banks

PNB deemed bankable

Bank of Baroda bobs up



People Who Read This Also Read


HSBC to invest $150 mn in India

Rates on savings schemes may be cut

Software industry wants tax break







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.