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The Gov­ern­ment is mov­ing to ap­point a ma­jor­i­ty of the di­rec­tors on the board of Re­pub­lic Fi­nan­cial Hold­ings Ltd (RFHL), which would en­sure con­trol by the State of the re­gion’s largest fi­nan­cial ser­vices com­pa­ny.

The cur­rent ad­min­is­tra­tion’s de­sire to take con­trol of the board of RFHL was sig­nalled by Min­is­ter of Fi­nance, Dav­en­dranath Tan­coo, in de­liv­er­ing the 2026 bud­get on Oc­to­ber 13.

“We have in­stalled new boards at First Cit­i­zens Bank and the Ex­im­bank, and we will move to in­stall a ma­jor­i­ty of di­rec­tors at Re­pub­lic Bank Lim­it­ed,” said Tan­coo.