Business Standard

RBI asks PM Modi to trim govt stake in state-owned banks to 26%: Report

Chief executives of public sector lenders must get longer tenures: Central bank reportedly tells PM in meeting with financial regulators.

RBI
Premium

RBI

BS Web TeamAgencies New Delhi
The government should reduce its stake in state-owned banks to 26 per cent and give their leaders longer tenures for professional management, the Reserve Bank of India (RBI) has told the Prime Minister, the Economic Times reported on Friday.

The RBI gave Modi a presentation Thursday when he met with the heads of financial regulators to discuss measures to revive the economy hit by the coronavirus pandemic. It suggested that the managing directors and chief executive officers of state-run banks should have a term of three to years and their salaries should match the private sector, Economic Times reported. The government’s

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 31 2020 | 9:05 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com