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MUMBAI: Mid-sized public sector banks on Tuesday rose after a media report mentioned the federal government plans to privatise over half of state-owned banks. Shares of Bank of Maharashtra gained 14%, Central Bank of India 12%, UCO Bank 10%, Bank of India 7.3% and Indian Overseas Bank 5%.
According to the Reuters report, the federal government plans to promote majority stake in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank.
“A plan would be laid out in a new privatisation proposal the government is currently formulating, and this would be put before the cabinet for approval,” the Reuters report mentioned.
The authorities is working on a privatisation plan to assist to lift cash by promoting property in non-core firms and sectors when the federal government is strapped for funds resulting from lack of financial progress attributable to the coronavirus pandemic.
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