UTI AMC to be transferred to SBI, PNB, BoB, LIC

The government today cleared the long-awaited sale of UTI Asset Management Company (UTI AMC) to three state-owned banks - State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) - and Life Insurance Corporation (LIC) for Rs 1,237 crore.

"The government will, however, have the final say on transfer of equity of UTI AMC," finance minister P Chidambaram said today after a meeting of the cabinet committee on economic affairs (CCEA).