Advance motion is underway for privatisation of two public sector banks in pursuance of the announcement made by finance minister Nirmala Sitharaman, Department of Financial Services secretary Sanjay Malhotra mentioned on Monday.
In the Union Budget for 2021-22, the federal government introduced its intent to take up the privatisation of two PSBs (Public Sector Banks) within the yr and authorized a coverage of strategic disinvestment of public sector enterprises.
“In so far as banking privatisation is concerned, there is already a statement on the floor of the house by the finance minister for making enabling provision. Advance action on this is underway,” he mentioned throughout the curtain raiser occasion ‘Iconic Week of the Finance Ministry’ to be held between June 6 and 12.
In the Union Budget for the monetary yr 2021-22, the federal government had introduced its intent to take up privatisation of two PSBs within the yr and approval of a coverage of strategic disinvestment of public sector enterprises, Sitharaman had mentioned in Parliament.
Government think-tank NITI Aayog has already urged two banks and one insurance coverage firm to the core group of secretaries on disinvestment for privatisation. According to sources, Central Bank of India and Indian Overseas Bank are seemingly candidates for privatisation.
As per the method, the core group of secretaries, headed by the Cabinet secretary, will ship its advice to Alternative Mechanism (AM) for its approval and finally to the Cabinet headed by the prime minister for the ultimate nod.
The members of the core group of secretaries embrace financial affairs secretary, income secretary, expenditure secretary, company affairs secretary, authorized affairs secretary, Department of Public Enterprises secretary, Department of Investment and Public Asset Management (DIPAM) secretary and an administrative division secretary.
Source: www.financialexpress.com”