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Hold 26% stake in state-run banks, give longer tenure to CEOs: RBI to government

Hold 26% stake in state-run banks, give longer tenure to CEOs: RBI to government
Hold 26% stake in state-run banks, give longer tenure to CEOs: RBI to government

Synopsis

The heads of financial sector regulators — the RBI, Securities & Exchange Board of India and Insurance Regulatory & Development Authority of India (Irda) — interacted with the prime minister via video conference on Thursday. Modi has been meeting various stakeholders to get feedback on the economy in the wake of the Covid-19 pandemic.

NEW DELHI: The government should cut its stake in state-run banks to 26% and give their chiefs a long-enough tenure so these can be run more professionally, the Reserve Bank of India said in a presentation to PM Narendra Modi, people with knowledge of the matter said. The government’s holding in state-run banks currently exceeds 50%.“Bringing down the government’s stake in public sector banks to allow them to be run more professionally was one
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