No privatization of public sector banks: FM

By agencies   |   Monday, 29 August 2005, 07:00 Hrs
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CHENNAI: Nationalized banks would not be privatized and banking sector reforms would continue, Union Finance Minister P Chidambaram said here today.

Public sector banks would continue as such with the Center being the major shareholder. "What the Center wants now is for them to grow," he said

Lauding nationalized banks for their role in agriculture sector lending, he said they had lent Rs 1.15 trillion to the sector, exceeding the target by Rs 100 billion.

The banks had also earned a profit of Rs 38.73 billion and had given the government dividends and tax. Besides, the Non- Performing Assets had been reduced by Rs 21 billion. They had also made a mark in education loan lending.

Above all, nationalized banks had helped the government realize its dream of helping people at the grassroot-level by extending loans to women's self-help groups, Chidambaram said.

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