Friday, February 3, 2023

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Bank Privatisation: SBI, PNB to be privitised soon? Niti Ayog releases List, details here

Bank privatisation: For the potential privatisation of banking institutions, government officials are making considerable preparations (Bank Privatization in India). Which financial organisations will be privatised and which won’t have their shares sold have been stated by Niti Aayog. Two banks and one general insurance company may be privatised in the future, according to the administration.

The government combined four out of ten banks in August 2019, reducing the country’s overall number of public sector banks from 27 to 12. According to the Finance Ministry’s advice, none of these banks should be put up for privatisation.

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Bank Privatisation: These 6 banks will not be privatised

In the list issued by NITI Aayog, it has been told that Punjab National Bank, Union Bank, Canara Bank, SBI, Bank of Baroda and Indian Bank are included. The government has told that these 6 banks will not be privatised. According to the information received from the government official, all those who were part of the government bank consolidation have been kept out of privatization.

According to government representatives, there are no plans to privatise these financial institutions. No one involved in the government’s bank consolidation is qualified to take part in the privatisation process, according to a government official.

Two public sector banks and one general insurance firm would be privatised, according to Nirmala Sitharaman, the minister of finance, who made the announcement during the budget address. The government has set a current disinvestment goal for FY22 of Rs. 1.75 lakh crore.

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According to data gathered from the consolidation plan made that year, the government integrated a number of banks in 2019. However, the process of their integration is still ongoing, though it may be completed soon.

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