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FM rules out dilution of govt stake in PSU banks

FM rules out dilution of govt stake in PSU banks
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First Published: Mon, Jun 02 2008. 09 36 AM IST
Updated: Mon, Jun 02 2008. 09 36 AM IST
PTI
Chennai: The government would not dilute its 51% in public sector banks, Union finance minister P Chidambaram said today.
“Public Sector Banks will remain as Public Sector Banks and the government’s equity will never go below the 51% level”, he said addressing the 13th Annual Conference of UCO Bank here.
“The best example is State Bank of India where the government gave Rs10,000 crore for its development and similarly if any other public sector bank requires to raise its capital we will provide opportunities,” Chidambaram said.
On the country’s growth, he said “the world is respecting our growth”. Elaborating, he said the outlay for education was Rs7,000 crore in 2003-04 and now it was Rs34,000 crore.
On the Indian banking system, he expressed hope that it would be considered as the top banking system across the globe in the next decade.
“I will try to bring one bank from the country in the top five ranks at the world level and six public sector banks among top 100 banks,” he said.
“To achieve that, we should be globally competitive to increase our growth,” Chidambaram said asking “when China, Russia and Vietnam can do it, why can’t we do that?”
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First Published: Mon, Jun 02 2008. 09 36 AM IST