Government plans to reduce number of state-owned banks to five: Report

The govt is looking to privatise more than half of its state-owned banks to reduce the number of PSU banks to just 5. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders.

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