BANKING AFFAIRS

Detailed explanation-1: -Canara Bank: The Central government holds 62.93 percent stake in Canara Bank. Punjab National Bank: The government currently owns 73.15 percent stake in Punjab National Bank (PNB). Indian Bank: The government holds 79.86 percent of the total paid-up equity of Indian Bank.

Detailed explanation-2: -Public sector banks or nationalised banks are those in which the government has retained a majority of its share with the primary aim of public interest. After independence, the government of India started the nationalisation of the Imperial Bank of India in 1955 to enter the banking business.

Detailed explanation-3: -Public Sector Banks (PSBs) are a major type of government-owned bank in India. Where a majority stake (i.e. more than 50%) is held by the Ministry of Finance of the Government of India or the State Ministry of Finance of various State Governments of India.

Detailed explanation-4: -The nationalized banks are those banks that were ones owned by the private players but due to the financial or socio-economic exigencies, the ownership was acquired by the government. In more technical terms Nationalised Banks have such an ownership structure where the government is the majority shareholder i.e. >50%.