Budget proposals don't seek privatisation of state-owned banks: DEA Secy

Finance Minister announced that to simplify, ease and reduce cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations

The Budget’s proposed banking amendments will improve governance and protect investors and they must not be seen as efforts for the privatisation of public sector lenders, said a senior civil servant on Wednesday.

“These are the different sets of measures as over time, things have changed and the banking regulation act has to be aligned with the present day needs about the qualification of the directors and their tenure,” said economic affairs secretary Ajay Seth at a post-Budget press conference.

Finance Minister Nirmala Sitharaman speech said in her Budget speech: “To improve bank governance and enhance investors’ protection, certain amendments