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Govt mulling holding co for PSU banks

The finance ministry is considering the option of setting up a holding company for the public sector banks. Apparently, this is prompted by the report of the P.J. Nayak Committee, which inter alia suggests measures to make the operations of the public sector banks professional and more profitable. The committee has also recommended that the government should cut its stake in the public sector banks to below 50%. Nayak has said the holding company could be managed on the lines of a passive sovereign wealth fund, which can generate good returns on the investments and empower the boards of the banks. Besides, the holding company can also raise funds for public sector banks.

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