Bank Privatisation: For some time, a lot of discussion is being heard on the issue of privatization of public sector banks. In order to improve the banking sector, the central government has reduced 27 public sector banks to 12 by merging banks in the last 3 years. Less than a month is left for the Union Budget 2023
Bank Privatisation : For some time, a lot of discussion is being heard on the issue of privatization of public sector banks. In order to improve the banking sector, the central government has reduced 27 public sector banks to 12 by merging banks in the last 3 years. Less than a month is left for the Union Budget 2023 to come. Government officials are preparing for the privatization of banks on a large scale. NITI Aayog has recently announced the names of banks and financial institutions to be privatized. The government is now considering privatization of two banks and a general insurance company.
List of banks to be privatized is ready
Now, before the coming of the budget, once again the news about the privatization of banks has started coming. The Government of India is also planning for the privatization of banks. In this connection, NITI Aayog has also issued a list of banks, which banks should be privatized and some banks have been kept out of this list.
These banks will be privatized
According to media reports, according to the recommendation given by the Ministry of Finance, all these banks have not been kept in the list of privatization. According to the report of NITI Aayog, the government has decided to invest in Punjab National Bank, Union Bank, Canara Bank, State Bank of India, Indian Bank and Bank of India. Will not privatize Bank of Baroda.
The government had announced in the budget last year
In the budget speech, Finance Minister Nirmala Sitharaman announced that two public sector banks and a general insurance company would be privatised. In 2019, the central government launched a mega-merger scheme for Public Service Banks (PSBs) and the merger would be effective from April 2021.
According to the plan of the government, Oriental Bank of Commerce and United Bank were merged in PNB. Syndicate Bank was merged with Canara Bank. Andhra Bank and Corporation Bank were merged with Union Bank. The merger of Indian Bank and Allahabad Bank also came into effect from 1 April.
Can be announced again in the budget
NITI Aayog has suggested the names of two banks and the government is yet to finalize the names of the banks to be privatised. The Finance Minister can announce these names in the budget session.
