Centre not to prevent public sector banks from entering non-banking sector

New Delhi, Mar 17 (ANI): The Centre on Wednesday said it has no intention to prevent public sector banks from entering into non-core businesses like insurance and mutual funds.

Interacting with media, Financial Services Secretary R Gopalan said: "There is no issue at all. We have never asked and there is no thinking in the ministry."

A section of the media reported that the Union Finance Ministry might ask state-run banks, to exit non-core businesses.

"The banks have to expand in various financial product activities so you cannot prevent them from getting into it," Gopalan said.

He said, the Centre would take a decision to infuse Rs 16,500 crore in capital in the public sector banks by the end of April. (ANI)