Big news about Bank Privatisation! These two government banks will be private

Big news is coming about Bank Privatisation. The government thinktank Niti Aayog (Niti Aayog), in consultation with the Finance Ministry, has started discussions to finalize the names of the two public sector banks (PSBs).

According to sources, these two banks are to be privatized during the current financial year. Sources have said that work is going on in this regard and some meetings have been called by the NITI Aayog on this subject. Explain that this step will be taken as part of the government’s disinvestment process.

The PTI has quoted sources as saying that many aspects will be considered before reaching a conclusion. After the NITI Aayog’s recommendation for privatization, it will be considered by the main group of secretaries (core group) formed on disinvestment headed by the Cabinet Secretary.

Other members of this high-level group are Secretary of Economic Affairs, Revenue Secretary, Expenditure Secretary, Corporate Affairs Affairs Secretary, Law Secretary, Secretary of Department of Public Enterprises, Secretary of Department of Investment and Public Asset Management (Deepam) and Secretary of Administrative Department. . After approval from the core group of secretaries, the last name will go to the Alternative Mechanism (AM) for its approval and finally to the cabinet headed by the Prime Minister for the last node.

According to another media report, the Niti Aayog has suggested the names of 4-5 banks and it is believed that the names of any two will be decided in this meeting. In the list of privatization, the names of Bank of Maharashtra, Indian Overseas Bank, Bank of India, Central Bank are mentioned. In the first phase of privatization, the government can put a big name on the names of Bank of Maharashtra and Indian Overseas Bank.

According to the NITI Aayog, apart from the State Bank of India, the banks which have been consolidated in the recent past will not be privatized. At present, there are 12 government banks in the country. Apart from SBI, Punjab National Bank, Union Bank, Canara Bank, Indian Bank and Bank of Baroda are not in the list of privatization based on the report.

The commission has been given the responsibility of selecting two public sector banks and one general insurance company for privatization in the financial year 2021-22. It has been announced in the budget presented in February. Explain that last month, Finance Minister Nirmala Sitharaman had said that the interests of the banks whose employees are likely to be privatized, will be fully protected irrespective of their salary or salary or pension.