CII says PNB fraud shows gaps in supervision, seeks dilution of government stake

CII stresses that the Government should consider lowering its stake in public sector banks (PSB) and increasing the equity spread through wider private participation.

“This should be accompanied by a consolidation of PSBs to result in fewer but stronger institutions of global scale,” it added.

“CII strongly feels that the current episode of malfeasance calls for focus and facilitation by the regulator to improve monitoring and supervision at the bank level,” the statement said.

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