Key Points
Mumbai: The government is nudging state-owned banks to be more professional in their functioning, Union minister for finance and corporate affairs Nirmala Sitharaman said, pointing out that these lenders are no longer reliant on capital infusion from the Centre..
The government has already split the role of chairman and managing director in public sector banks (PSBs) into a non-executive chairman, and a managing director and chief executive officer..
It has also created the Financial Services Institutions Bureaurecast from the earlier Banks Board Bureauto recommend appointments as whole-time directors and non-executive chairpersons on the boards of financial services institutions..
The (public sector) banks have now come to stand on their own; they are able to go to market to raise funds for the developmental activities and they are no longer looking at the government to infuse capital every year," Sitharaman said at the Mint India Investment Summit on Saturday..
Between FY18 and FY22, the government put in 2.86 trillion into public sector banks, as per data presented in the Parliament by junior finance minister Bhagwat Karad in March 2023..
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