The new entity is being created in collaboration with both public and private sector banks, Indian Banks' Association Chief Executive Officer (CEO) Sunil Mehta
The high level of provisioning by public sector banks for their stressed assets calls for measures to clean up the bank books, the finance minister said while unveiling the Budget for 2021-22.
LIC, SBI and BoB are the sponsors of LIC MF, SBI MF and Baroda MF and at the same time, they were holding over 18 per cent stake in both UTI MF and UTI Trustee Company.
