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Time ripe for holding co for PSBs to fix fund-crunch, fraud mess: Mundra

| | Singapore | in Sunday Pioneer

It is the right time to consider a holding company for Indian public sector banks to manage the country’s fraud-hit and cash-strapped financial industry, former RBI Deputy Governor S S Mundra said.

Mundra, however, said that conditions were not right for privatisation of state-run lenders due to the socio-economic situation of India.

“Time is ripe now to hold discussions on a holding company for banks. Let the bank holding company start with the government majority and it should have a majority in individual bank,” Mundra said at the State Bank of India-sponsored Mint Asia Global Banking Conclave here on Friday.

In step two, the government should do away with the majority in the holding company.“I think that should be the road map and this might take 15-20 years,” said Mundra.

He agreed with SBI chairman Rajnish Kumar that conditions were not right for privatisation of the Public Sector Banks (PSBs). “Clearly privatisation (of PSB) is no panacea; that is quite clear,” added Mundra at the conclave attended by some 200 members of the Indian business community here.




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Ajay Singh urges State Chief EC to probe irregularities in polls

17 Mar 2018 | Staff Reporter | Bhopal

Leader of the Opposition in the State Assembly Ajay Singh and Pradesh Congress Committee (MPCC) president Arun Yadav on Friday called on Chief Election Commissioner OP Rawat and urged him to get investigated the matter related to large scale irregularities in the electoral rolls in Madhya Pradesh. The two requested the CEC to get the matter investigated before the assembly elections in Madhya Pradesh, scheduled in November, 2018...

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