Home / Business / RBI sells entire stake in NHB, Nabard to government for Rs 1,470 crore

RBI sells entire stake in NHB, Nabard to government for Rs 1,470 crore

MUMBAI: The Reserve Bank has divested its entire stake in National Housing Bank (NHB) and the National Bank for Agriculture and Rural Development (Nabard) for Rs 1,450 crore and Rs 20 crore, respectively.

The central bank sold stake in NHB on March 19, while it sold the stake in Nabard on February 26, the bank said in a statement on Wednesday.

“With this, the government now holds 100 per cent stake in both these financial institutions,” the RBI said.

Divestment has been done on the recommendation of the second Narasimham committee report and the discussion paper prepared by the RBI on ‘harmonizing the role and operations of development financial institutions and banks,’ the central bank said.

News credit : Indiatimes