The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, requires the central government to hold at least 51% of public sector banks. The earlier thinking was that Centre should retain at least 26% stake during privatisation and that this could be brought down gradually.source https://economictimes.indiatimes.com/industry/banking/finance/banking/psb-privatisation-bill-may-allow-government-complete-exit/articleshow/92504388.cms
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