Congress party opposes Indian govt's plan to reduce its stake in 12 public sector banks below 51%.
The Congress party in India opposes a government plan to reduce its stake in 12 public sector banks below 51%, citing the importance of the majority stake in past bank mergers and its impact on lending for agriculture, rural development, and other priority sectors. The party emphasizes that past mergers in the public sector banking industry were broadly accepted because the government's share was not reduced, and any dilution of this position would face strong resistance in both Parliament and public forums.
July 19, 2024
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