Big news on Bank Privatisation: Now this year there will be no privatization of any government banks, know why

Big news on Bank Privatisation: Now this year there will be no privatization of any government banks, know why

According to the Bloomberg report, the Finance Ministry has not yet finalized the final modalities regarding privatization. In such a situation, there is no possibility that banks will be privatized in the current financial year.

The government has not yet taken any step towards the necessary approval from the Parliament regarding the privatization of banks.

According to a report, privatization of two banks will not be possible in the current financial year. The government is also postponing it for the next year. The government has not yet taken any step towards the necessary approval from the Parliament regarding the privatization of banks. According to the Bloomberg report, the Finance Ministry has not yet finalized the final modalities regarding privatization.

The source said that due to the Corona epidemic, preparations for privatization and disinvestment have gone into cold storage. The government also wants to sell its stake in BPCL, the country’s second largest ore refinery, in the current financial year. Now this process has also slowed down. It does not seem that BPCL will also be privatized in the current financial year.

Presenting the budget on February 1, the government had set a target of Rs 1.75 lakh crore for disinvestment and privatization. Along with this, the Finance Minister had announced that two public sector banks and one insurance company would be privatized in the current financial year. Apart from this, it was also announced to bring LIC IPO. Along with this, the government will also collect funds by selling its stake in BPCL. At present, all the three means of raising funds have not worked as expected. This work seems to be postponed for the time being.

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