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Shares of four PSU lenders—Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank—rose significantly on November 19 amid reports of a potential minority stake sale by the Centre to meet public shareholding norms. The Finance Ministry is expected to seek Cabinet approval for the sale, which would occur through an Offer For Sale in the open market, with timing and volume dependent on market conditions. Currently, the government holds over 93% in these banks, and five out of twelve public sector banks have yet to comply with the minimum public shareholding requirement of 25%.
Partha Pratim Sengupta has been appointed as the new Managing Director and CEO of Bandhan Bank, following approval from the Reserve Bank of India. He is set to assume his role by November 10 for a three-year term, bringing extensive experience from his previous positions, including Deputy Managing Director at State Bank of India and MD & CEO of Indian Overseas Bank from 2020 to 2022.
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