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RBI to sell SBI stake to Govt.

KOLKATA MAY 15. The Reserve Bank of India will sell its stake in State Bank of India to the Government, its Governor, Bimal Jalan, said.

Speaking to reporters here today, Dr. Jalan said the central bank should not be a owner of any commercial bank. In this context, he said talks were on with the Government to offload the entire 55 per cent stake in SBI which it holds.

Talking about the GDP growth, Dr. Jalan said the expected growth of the economy in the current year would be around 6 per cent if there is a good monsoon like 1996.

When asked if monsoon failed to live up to the expectations, Dr. Jalan said, "then it is anybody's guess.''

The RBI Governor said as the Indian economy had become more resilient to shocks, it was likely that the growth rate would not suffer if there were any external shocks such as oil price hike or any war. Dr. Jalan said the country had the potential to clock higher rates of growth if the societal acceptance to sloth and inefficiency were done away with and productivity was increased. — PTI

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