Punjab & Sind Bank to Reduce Govt Stake

Punjab & Sind Bank is planning to reduce the government's stake in the bank. The bank's Managing Director has announced that they aim to decrease the government's share by 8-9 percentage points. This move is expected to be achieved through a Qualified Institutional Placement (QIP). The QIP will allow the bank to raise funds from institutional investors, thereby reducing the government's holdings. The bank's decision is seen as a step towards disinvestment and increasing private participation in the banking sector.