Centeral Government may soon privatize four more banks. consistent with LiveMint, the govt has selected 4 mid-size state-run banks within the next phase of privatization. Which might be privatized soon. consistent with sources, the list includes Bank of Maharashtra, Bank of India (BoI), Indian Overseas Bank and financial institution of India.
The government wants to urge revenue by selling government banks. in order that the cash are often used for state schemes. the govt is currently planning large-scale privatization. Currently, the govt features a large share within the banking sector, which employs thousands of employees. However, privatization of banks may be a risky business, which may affect the workers also .
The announcement was made by the minister of finance within the budget : Finance Minister Nirmala Sitharaman had also announced this in her Union Budget 2021 speech. Two public sector banks and one general insurance firm are going to be privatized because the central government focuses more on disinvestment. Through this, disinvestment in Bharat Petroleum is being planned.
At present, the central government is considering privatizing quite half the country's PSU banks. If all goes consistent with plan, only state-owned banks will remain within the country within the near future. the amount of state-owned banks has been reduced from 27 to 12 within the last three years thanks to mergers and privatizations within the banking sector, which it's now getting to limit. For this, Nitiyoga has also prepared a blue print.
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