In the major public sector banks, the government owns over 59 per cent stake in largest public sector lender SBI, 76.5 per cent stake in IDBI Bank, almost 64.5 per cent equity in Canara Bank, in excess of 59 per cent n Punjab National Bank, in Bank of Baroda, the government holds 57.5 per cent, in Allahabad Bank over 60 per cent, 61 per cent in Andhra Bank, 64.4 per cent in Bank of India and 81.5 per cent in Central Bank of India. “They will be carrying-out the developmental agenda of the government, but their administration has to be based purely on banking considerations”. The government has asked the Justice AP Shah committee to look into grievances of PSU banks for alternatives in recruitment and how a level playing field can be created in the banking sector, he said.
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He referred to Prime Minister Narendra Modi’s remarks at “Gyan Sangam” – a two-day brainstrorming session between the bankers and senior government officials in January – where he said no banks would receive formal or informal directives from the government. “It no longer depends on discretions of individuals”. Mr Jaitley said the Dispute Resolution Tribunal’s work would be speeded up by moving most transactions online.
Jaitley said that power ministry is in the final stages giving effect to its discussions with each one of these states which would have to enter into a discussion and probably an agreement with the ministry and it’s only then the kind of relief being worked out be available to them.
“The capacity of power generation has hugely improved”. Jaitley said there were a few states that were yet to implement power reforms, and the situation would not improve unless the users were made to pay for the electricity consumed.
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This would enable the Indian corporates to get an additional source of resources, he added.
