Union Finance Minister Arun Jaitley said on Sunday that the government will soon announce a series of major banking reforms, including lowering its stake in state-owned banks to 51 percent. "Public sector banks have played an important role in financial inclusion but at the same time, political government needs to maintain arm's-length distance from these banks and allow them to have more professionalised bank boards. The banks will have to work on banking considerations," said Jaitley at the CNN Asia Business Forum in Mumbai.