banks privatization latest news | Banks Privatization : Government is moving fast towards privatization of banks, high level meeting held, Government is moving fast towards privatization of banks, high level meeting held
Privatization of Banks
- The recommendations of the NITI Aayog were discussed.
- The names of the banks will be sent to the alternate mechanism.
- Then it will be sent to the cabinet headed by the Prime Minister.
New Delhi : The government is moving fast towards privatization of two public sector banks. On this issue, a high level meeting was held recently under the chairmanship of the Cabinet Secretary, in which various regulatory and administrative issues were discussed. This will allow the proposal to be placed with the Group of Ministers on Disinvestment or the Alternative Mechanism (AM) for approval.
Sources said this was announced by Finance Minister Nirmala Sitharaman in her 2021 budget speech, following which the NITI Aayog in April had suggested names of some banks for privatization to the Group of Secretaries on Disinvestment headed by the Cabinet Secretary. . Sources said that the recommendations of NITI Aayog were considered in this high-level meeting held on Thursday, June 24. Sources said that this committee will send the names of the shortlisted public sector banks to the alternate mechanism after removing all the loopholes in this regard.
The committee headed by the Cabinet Secretary includes secretaries from the Department of Economic Affairs, Revenue, Expenditure, Corporate Affairs, Tax and Legal Affairs besides the Administrative Department. The committee also includes secretaries from the Department of Public Enterprises and the Department of Public Asset and Management (DIPAM).
Sources said the committee also deliberated on issues related to protection of interests of employees of banks prone to privatization. Once approved by the AM, the matter will be sent to the Union Cabinet headed by the Prime Minister for final approval.
Regulatory changes necessary for privatization will be made after the approval of the cabinet. Sources say that Central Bank of India and Indian Overseas Bank may be privatized.
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