4 Banks shortlisted for Privatisation

4 Banks shortlisted for Privatisation

Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India have been shortlisted.

4 Banks shortlisted for Privatisation

-The government has shortlisted these 4 mid-sized state-run banks for privatisation.

-Earlier, only 2 public sector banks were being considered for privatisation but now the government has plans for 4 banks. 

While presenting the budget for 2021-22, Union Finance Minister Nirmala Sitharaman announced plans for privatisation of 2 state-run banks, other than IDBI Bank.  Now the government has plans of privatization of 4 mid-sized state run banks. It is assumed that the banks which are not in the merger list will undergo privatization.

Bank of Maharashtra, Bank of India, Central Bank of India and Indian Overseas Bank have been shortlisted for privatisation.

The Minister also announced that government has approved a policy of strategic disinvestment of public sector enterprises that will provide a clear roadmap for disinvestment in all strategic and non-strategic sectors. The government is in process of merging 13 banks into 5 banks.

An analyst had said that Punjab and Sind Bank and Bank of Maharashtra seemed probable for privatization mainly because of the 6 banks kept out of merger; Central Bank, Indian Overseas Bank and UCO Bank are under prompt corrective action (PCA).

(media reports)

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