Indian cabinet approves bank divestment

The Indian government has approved plans to give up its majority shareholding in state-run banks.

The move comes a day after bank employees held a one-day strike to protest against the measure, which would cut the government's share of the equity from fifty-one to thirty-three percent.

Bank unions say privatisation will lead to job losses.

But the government says it will retain control of the sector, because no private shareholder will be allowed more than one percent of the equity.

From the newsroom of the BBC World Service