Move to reduce govt stake in PSB to less than 51% will be resisted: Cong

The Congress on Friday said any move to bring down the Union government's stake in 12 public sector banks to less than 51 per cent would continue to be resisted forcefully both in Parliament and outside.

The party asserted that the mergers in the public sector banking industry in the last seven years have been broadly accepted only because the Union government's share was not to be reduced to below 51 per cent.

Congress general secretary in-charge communications Jairam Ramesh recalled that on this day 55 years ago, then prime minister Indira Gandhi had moved decisively to nationalise 14 banks and opened a whole new chapter in India's economic history.

"I have described the background to this momentous event based on archival material in my 'Intertwined Lives: PN Haksar and Indira Gandhi'. DN Ghosh who played a key role along with Haksar has also left a detailed account of it in his very valuable memoir 'No Regrets'," he said.

IG Patel was the special secretary in the finance minist