Govt to acquire control of SBI by August, minister says

Govt to acquire control of SBI by August, minister says
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First Published: Tue, May 15 2007. 03 48 PM IST
Updated: Tue, May 15 2007. 03 48 PM IST
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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First Published: Tue, May 15 2007. 03 48 PM IST
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