NEW DELHI: The Congress on Friday said any move to bring down the Union government’s stake in 12 public sector banks to less than 51 per cent would continue to be resisted forcefully both in Parliament and outside.

The party asserted that the mergers in the public sector banking industry in the last seven years have been broadly accepted only because the Union government’s share was not to be reduced to below 51 per cent.

Congress general secretary in-charge communications Jairam Ramesh recalled that on this day 55 years ago, then prime minister Indira Gandhi had moved decisively to nationalise 14 banks and opened a whole new chapter in India’s economic history.

Press Trust of India