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Government may consider cutting stake in PSU Banks: Jaitley

The government may consider reducing its stake in state-run lenders to 52 per cent, Finance Minister Arun Jaitley said on Monday.

The government would also consider other issues including problems tied to distressed state power providers, Mr Jaitley said while speaking at a banking conference.

His comments come amid continued concerns about the levels of distressed debt in the banking sector.

The government was getting ready to unveil a draft for a bankruptcy code at the end of this month or in early October, Mr Jaitley added.

State-owned lenders have struggled to recover much of the bad debt piling up on their balance sheets using available mechanisms because of the lack of a bankruptcy code.

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