According to Financial Services Secretary Vivek Joshi, five public sector banks—including Bank of Maharashtra, IOB, and UCO Bank—plan to reduce the government's participation to less than 75% in order to adhere to Sebi's minimum public shareholding (MPS) requirements.

As of March 31, 2023, four of the twelve public sector banks (PSBs) were in compliance with MPS standards. "Three additional PSBs have met with the minimum 25% public float requirement during the current fiscal year as part of a continuing endeavor. To comply with the MPS requirement, the remaining five PSBs have created action plans," he stated.

Public sector banks have until August 2024 to comply with the condition set out by the Securities and Exchange Board of India (Sebi). All listed firms must have at least 25% of their shares in the public market as required by the Minimum Public Shareholding (MPS) standard. Until August 2024, several PSUs have been granted a complete exemption from MPS.

Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Bank of India, Bank of Baroda, Punjab National Bank, Indian Bank, UCO Bank, and Bank of Maharashtra are the twelve PSBs.

Within three years of being public, corporations must have at least 25% of their shares held by the public. This is mandated by the rule.