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Business News/ Companies / Govt to acquire control of SBI by August, minister says
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Govt to acquire control of SBI by August, minister says

Govt to acquire control of SBI by August, minister says

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Sumit Sharma, Bloomberg

Mumbai: India’s government will take control of the central bank’s stake in State Bank of India by July or August, Finance Minister P. Chidambaram said in the lower house of parliament today.

The government wants to acquire the Reserve Bank of India’s 59.73% stake in State Bank to make it consistent “with the principles of effective supervision," a government panel said in December. State Bank is the nation’s biggest commercial lender.

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Published: 15 May 2007, 03:48 PM IST
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