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Privatisation of PSBs Will Deal a Blow to Reservation, Government's Coffers

Reports suggest that an amendment will be moved in the next session of parliament to smoothen the government's complete exit from the public sector banks that are being put up for sale.

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Centre To Expedite Process To Privatise Two Public Sector Banks: Report

Centre To Expedite Process To Privatise Two Public Sector Banks: Report
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IOB: Govt plans to dress up PSBs before sale; Bank of Maharashtra, BOI, IOB in queue


Synopsis
Bank of Maharashtra, Bank of India, and IOB are the frontrunners for being privatised. Central Bank of India may be taken up based on its financial recovery. Punjab & Sind Bank and UCO Bank, the other two lenders that were not merged as a part of the public sector bank consolidation, are not being considered for privatisation yet, officials said.
Agencies
Banks will be nudged to exit their non-core businesses to improve their financials before privatisation
The government plans to dress up state run lenders’ balance sheets through capital support and sale of non-core assets among other measures before putting them on the block. The transformation plan also includes transfer of impaired loans to the proposed bad bank and reducing employee count by offering attractive voluntary retirement schemes, officials aware of the developments said.

India , Nirmala-sitharaman , Indian-overseas-bank , Fitch-ratings , Central-bank , Punjab-sind-bank , Sind-bank , Niti-aayog , Reserve-bank , Psb-privatisation , Iob , Boi

PSB privatisation: Acquirers may be allowed to hold minimum 26% stake


Updated Apr 16, 2021 | 14:25 IST
The government wants to iron out all policy-related niggles in bank privatisation to ensure a seamless process before it sends out an investment invite.
PSB privatisation 
New Delhi: The government is actively looking for ways to elicit strong interest from investors for state-run banks that are up for privatisation. Acquirers may be allowed to hold a minimum 26% stake the bank and also be given a longer time frame to trim their stake down to 26%. The government believes this flexibility will help elicit a good response from investors, the
Economic Times mentioned in a report. 
Currently, the government owns more than 51% stake in all public-sector banks, which means an investor acquiring them would need to cut down their holding over time.

India , New-delhi , Delhi , Nirmala-sitharaman , Group-of-ministers-go , Economic-times , Reserve-bank , Working-group , Banking-regulations , Niti-aayog , Niti-aayog-led

Bank of Maharashtra soars 16% as over 1 million shares change hands on BSE

Read more about Bank of Maharashtra soars 16% as over 1 million shares change hands on BSE on Business Standard. The stock witnessed a breakout on the upside on February 15 after news agency Reuters reported that the bank could be one of the four PSBs which the government may privatise in FY22

India , Nirmala-sitharaman , Aatmanirbhar-bharat , Indian-overseas-bank , Central-bank , Reuters , Business-standard , Niti-aayog , Reserve-bank , Finance-minister-nirmala-sitharaman , Public-sector-enterprise , Markets

Public Sector Bank Unions To Intensify Protest, Call For More Strikes Against Privatisation Bid


Public Sector Bank Unions To Intensify Protest, Call For More Strikes Against Privatisation Bid
Canara Bank Employees on strike (rajeshroxu/Twitter)
In the general council meeting held on Sunday (4 April), the banks union has resolved to intensify the campaign against banks' proposed privatisation as reported by
Livemint.
All India Bank Employee's Association, AIBEA, on Sunday issued a statement after the meeting.
"The general council meeting has called upon all our unions and members all over the country to continue the struggle against bank privatisation, get ready for prolonged strikes and intensify our campaign to defend public sector banking and defeat attempts of privatisation" read the statement.

India-bank-employee-association , India-bank-employee , Psb-privatisation , Aibea , Bank-protest , இந்தியா-வங்கி-ஊழியர்-சங்கம் , இந்தியா-வங்கி-ஊழியர் , வங்கி-ப்ரொடெஸ்ட் ,

Bank strike ends; unions warn stir if govt goes ahead with privatisation


Business transactions as well as government treasury operations were also impacted.
The United Forum of Bank Unions (UFBU), consisting of nine bank unions -- AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO -- had given the strike call to protest against the government's decision to privatise two more public sector lenders.
"Strike was a full success, employees and officers stood with us. The way they participated and raised slogans, it shows their disapproval of the government decision very clearly.
"We got support from all trade unions, some farmer organisations, lot of political parties have supported us," AIBEA General Secretary C H Venkatachalam told PTI.

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Banks unions call for two-day strike against proposed privatisation of PSBs


Banks unions call for two-day strike against proposed privatisation of PSBs
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Last Updated: Mar 12, 2021, 10:30 AM IST
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Synopsis
United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders.
(Representative image)
United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders.
In the Union Budget presented last month, finance minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan.

India , Nirmala-sitharaman , India-bank-employees-association , National-organisation-of-bank-officers , Indian-national-bank-employees-federation , Union-budget , United-forum-of-bank-unions , National-organisation-of-bank-workers , Bank-employees-confederation-of-india , National-confederation-of-bank-employees , Indian-national-bank-officers-congress , India-bank

PSU banks, Magma Fincorp drive S&P BSE SmallCap index near record high


The S&P BSE Smallcap index hit a fresh 52-week high of 20,064 points, up 1 per cent on the BSE in the intra-day trade on Thursday, on the back of continued upward movement in public sector undertaking (PSU) banks. The smallcap index is 133 points away from its all-time high level of 20,183 points touched on January 15, 2018.
Indian Overseas Bank and Central Bank of India rallied 20 per cent each while Bank of Maharashtra was up 10 per cent on the BSE today. In the past one week, these banks have surged between 64 per cent and 67 per cent on report that the government has shortlisted these mid-sized state-run banks, along with Bank of India, for privatisation.

India , Mayur-uniquoters , Indian-overseas-bank , Central-bank , Majesco , Goldiam-international , Overseas-bank , Onmobile-global , Magma-fincorp , Adani-total-gas , Shankara-building-products , Greaves-cotton