Govt should privatise PSBs, says Adi Godrej

Thursday 22nd February, 2018

Article Details
Publication  The Times of India
Source  Agencies
CCM  28.63
Edition  New Delhi
Supplement   NA
MAV  416,852
Language  English
Page  24
Circulation  991,588

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Govt should privatise PSBs, says Adi Godrej
New Delhi: Godrej group chairman Adi Godrej on Wednesday said the government should privatise public sector banks to ensure better management in the wake of PNB fraud case.
The Godrej group patriarch also said privatisation should not be restricted to only banks but also include other public sector enterprises. "First of all, I don't think so many banks (needed) in the public sector. I think, we are too big a public sector in our country and I believe that they should privatise it," Adi Godrej told media on the sidelines of the AIMA summit.
He further said, "The good thing is that now they are going to privatise Air India. I think that privatising the public sector banks would be a good mo-
ve." According to him, private banks are better managed and so far no big scams have come up in that sector. "I have not heard of any major scams by the private banks. There is always something wrong going (on) in companies from time to time but it's always more controlled in the private sector if at all and much better managed," Godrej said.
"The government should not only disinvest but actively privatise. The Vajpayee government has done lot in privatisation, which has turned very successful. So, I hope this government does so too," Godrej added.
When asked whether there were lapses on behalf of RBI in the entire PNB episode, Godrej said, "I do not think so. I am not an expert on the subject but I do not think that there was a major lapse on behalf of