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Breakingviews
3 Min Read
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas
MUMBAI (Reuters Breakingviews) - Prime Minister Narendra Modi is ready to cut his losses in banking. His government wants to privatise lenders long seen as untouchable, aiming to sell two in the next financial year. Earnings from one potential candidate, Tamil Nadu-based Indian Overseas Bank, show why he’s keen.
Until now, New Delhi has concentrated on consolidating lenders into fewer, healthier institutions that can take advantage of economies of scale and be relied on by the state. It announced four mergers in August 2019, cutting the number of banks it controls from 27 to 12. The biggest deal led by Punjab National Bank created the second-largest lender after $49 billion State Bank of India. Bank of Baroda earlier mopped up peers.