Two Public Sector Banks Privatization Work Is In Progress Central Bank Of India Indian Overseas Bank

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Two Public Sector Banks Privatization Work Is In Progress Central Bank Of India Indian Overseas Bank

Bank Privatisation: The work of privatization of 2 banks is going on by the government. The work on privatization of two public sector banks (PSBs) is going on in full swing and the government may take appropriate steps in this regard in the coming months. Sources have given this information. In the Union Budget for the financial year 2021-22, the government had approved the policy of strategic disinvestment of public sector undertakings with the intention of privatization of two public sector banks during the year.

BPCL disinvestment also in process
According to sources, the government is committed to the privatization of two public sector banks and work is going on in this direction. Apart from this, sources also said that the disinvestment of Bharat Petroleum Corporation Limited (BPCL) is also in the process and fresh bids will be invited for this.

BPCL process canceled due to withdrawal of bid
Let us tell you that there was only one bidder left for this, due to which the government had to cancel the sale bid. The government had planned to sell its entire 52.98 per cent stake in BPCL and had sought expression of interest from the bidders in March 2020. For this, at least three bids were received till November, 2020, but only one bidder was left after the others withdrew their bids.

These 2 banks may be privatized
On the strategic sale of Container Corporation of India (Concor), sources said there are some issues and after resolving them, the process of disinvestment will be initiated. According to sources, the public sector Central Bank of India and Indian Overseas Bank can be privatized.

Union Cabinet will seal
As part of the disinvestment process, the main group of secretaries, headed by the Cabinet Secretary, will send its recommendations to the Alternative Mechanism (AM) for its approval. After this, the Union Cabinet headed by Prime Minister Narendra Modi will put its final seal on it.

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