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Dy governor favors privatization of govt banks

Deputy governor of the Reserve Bank of India Viral Acharya thinks it is time for considering reprivatization of some of the PSU banks. He feels such a move may bring down the quantum of capital infusion by the government into some of the government owned banks. Addressing a Ficci women’s event in Mumbai, Acharya said perhaps re-privatizing some of the nationalized banks is an idea whose time has come … this would reduce the overall money government needs to inject as bank capital. He also said such a move will also help preserve the government’s hard-earned fiscal discipline that has made the country a destination for foreign investors along with stable inflation outlook and the diverse nature of the growth engine. He felt once the government gets the banks in shape, it can work towards divesting its stake in them as it has done with various other state-run undertakings.

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