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India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said.
The first part of the plan would be to sell majority stakes in Bank of India (BOI.NS), Central Bank of India (CBI.NS), Indian Overseas Bank (IOBK.NS), UCO Bank (UCBK.NS), Bank of Maharashtra and Punjab & Sind Bank (PUNA.NS), leading to an effective privatisation of these state-owned lenders, a government official said.
India plans to reduce number of state-owned banks to just five: sources
The first part of the plan would be to sell majority stakes in Bank of India (BOI.NS), Central Bank of India (CBI.NS), Indian Overseas Bank (IOBK.NS), UCO Bank (UCBK.NS), Bank of Maharashtra and Punjab & Sind Bank (PUNA.NS), leading to an effective privatisation of these state-owned lenders, a government official said.
India plans to reduce number of state-owned banks to just five: sources