FM Arun Jaitley rules out privatisation of state-owned banks
Finance Minister Arun Jaitley has ruled out privatisation of public sector banks as a response to the $1.77-billion PNB fraud. "It is very challenging to privatise state-run banks as it requires an amendment to the law and involves large political consensus," he said. Industry bodies Assocham and FICCI and businessmen including Adi Godrej and Rahul Bajaj had called for privatisation.