NEW DELHI: Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi’s minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said.

Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023.

“As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement,” he said.

Currently, government holding in Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based IOB at 96.38 per cent, UCO Bank 95.39 pc, Central Bank of India 93.08 pc, Bank of Maharashtra at 86.46 per cent.