NITI Aayog shortlists PSU banks for privatisation
After months of deliberations, the Niti Aayog on Thursday submitted a recommendation on candidates for bank privatisation to Core Group of Secretaries on Disinvestment.
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NEW DELHI: After months of deliberations, the Niti Aayog on Thursday submitted a recommendation on candidates for bank privatisation to Core Group of Secretaries on Disinvestment.
“Yes we have received a recommendation from the Niti Aayog. But, the list is not final. It needs to be discussed further,” a senior official from the finance ministry confirmed it.
Following the clearance from the Core Group of Secretaries, headed by the Cabinet Secretary, the finalised names will go to Alternative Mechanism (AM) the panel for strategic disinvestment for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.
Niti Aayog submits names of PSU banks to be privatised
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Last Updated: Jun 03, 2021, 04:12 PM IST
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Synopsis
Finance minister Nirmala Sitharaman has assured that the interests of workers of banks which are likely to be privatised will absolutely be protected whether their salaries or scale or pension all will be taken care of .
Agencies
The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, during the current financial year.
The names of two state-run banks and one general insurance company that can be privatised have been submitted by NITI Aayog to the Core Group of Secretaries on Disinvestment as was announced in the Union Budget for 2021-22.
Read more about Niti Aayog submits names of PSU banks to be privatised to govt panel on Business Standard. Explaining the rationale behind the privatisation, Sitharaman had said that banks in the country needed to be bigger, just like the State Bank of India (SBI).
Highlights
The Centre is looking to privatise two public sector banks and one general insurance company.
Sitharaman aspires that Indian banks need to be bigged, just like the State Bank of India (SBI).
New Delhi: Niti Aayog on Thursday (June 3) submitted the names of Public Sector Undertaking (PSU) to be privatised to the Core Group of Secretaries on Disinvestment. All the PSBs in the list will be privatised by FY22, as part of the government’s massive disinvestment process aimed at raising funds. We have submitted the names (of PSU banks) to the Core Group of Secretaries on Disinvestment, a government official told PTI.