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Business Centre not to prevent public sector banks from entering non-banking sector
The Centre on Wednesday said it has no intention to prevent public sector banks from entering into non-core businesses like insurance and mutual funds. Interacting with media, Financial Services Secretary R Gopalan said: "There is no issue at all. We have never asked and there is no thinking in the ministry." A section of the media reported that the Union Finance Ministry might ask state-run banks, to exit non-core businesses. "The banks have to expand in various financial product activities so you cannot prevent them from getting into it," Gopalan said. He said, the Centre would take a decision to infuse Rs 16,500 crore in capital in the public sector banks by the end of April. (ANI)
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