Key Points
Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said..
Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023...
"As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year..
Joshi said the finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government...
The DFS urged banks to undertake a thorough review of the last two-year period from January 1, 2022 to January 31, 2024 so as to ensure that all gold loans were disbursed in compliance with regulatory requirements and internal policies of banks...
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