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Consolidation may lead to 10-15 state banks, says govt adviser

By Reuters

  • 06 Oct 2017
Consolidation may lead to 10-15 state banks, says govt adviser
Credit: Shah Junaid/VCCircle

A planned consolidation in India's state-run banking sector may lead to 10 to 15 lenders that are majority owned by the government, down from the current 21, a senior finance ministry adviser said on Friday.

The government may cut its stakes in state-run banks to 52 percent, Sanjeev Sanyal, principal economic adviser at the finance ministry, told a World Economic Forum event in New Delhi.

The government has previously said it was open to lowering its stakes in the banks, but would retain majority ownership.

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More funds will be injected into banks in the next few months, Sanyal also said.

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