Budget must take steps towards privatising ownership of public sector banks

Recent reports suggest that the upcoming budget may include proposals for a Bank Investment Company (BIC), anchoring the government’s shareholding in its banks. With a predominantly bank-led growth strategy, banks face the daunting task of managing the pandemic’s impact on their balance sheets while spearheading the country’s economic recovery. A bulk of the responsibility will fall on public sector banks (PSBs) which dominate the banking sector.

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