Centre revives plan to float holding company for state-owned banks

The Narendra Modi government has, in its second tenure, revived its plan to float a holding company that will house equity stakes of public sector banks (PSBs).

This proposal seeks to improve human resource practices and raise funds to meet the financial needs of 19 PSBs.

The Prime Minister’s Office (PMO), in recent meetings with finance ministry officials, told them to examine the proposal on the lines of recommendations made by a committee headed by veteran banker P J Nayak in 2014, said two people familiar with the development.

At the same time, the government is also studying whether it can offload stake