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| March 17, 2010 | Centre not to prevent public sector banks from entering non-banking sector | |
New Delhi: The Centre on Wednesday said it has no intention to prevent public sector banks from entering into non-core businesses like insurance and mutual funds.
Interacting with media, Financial Services Secretary R Gopalan said: "There is
no issue at all. We have never asked and there is no thinking in the ministry."
A section of the media reported that the Union Finance Ministry might ask state-run
banks, to exit non-core businesses. "The banks have to expand in various financial
product activities so you cannot prevent them from getting into it," Gopalan said.
He said, the Centre would take a decision to infuse Rs 16,500 crore in capital
in the public sector banks by the end of April. |
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