Insta
NITI Aayog Submits Names Of Public-Sector Banks That Could Be Privatized In Current Fiscal Year: Report
Swarajya Staff
Jun 04, 2021, 02:53 PM | Updated 02:53 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The NITI Aayog has submitted its final list of the names of the public-sector banks (PSBs) that can be privatized in the current fiscal year as a part of the central government’s disinvestment targets.
Union Finance Minister Nirmala Sitharaman had revealed during Budget 2021 that the government intends to privatize two PSBs along with a general insurance company in this financial year.
The names have been submitted to the Core Group of Secretaries on Disinvestment headed by the Union Cabinet Secretary Rajiv Gauba.
Upon their approval, the names will move ahead to the Alternative Mechanism (AM) for their permission and head towards the Union Cabinet led by Prime Minister Narendra Modi.
The cabinet’s final nod will be essential for the regulatory side alterations to expedite the privatization process.
Finance Minister Sitharaman has assured that the interests of the employees of the soon-to-be-privatized PSBs will be provided absolute protection as adequate care will be taken about their salaries, scale of pensions etc.
“We need banks which are going to be able to scale up... We want banks that are going to be able to meet the aspirational needs of this country,” she was quoted in a report by Business Standard.
The government has set an ambitious target of raising Rs 1.75 lakh crores by selling stakes in public sector companies. These financial institutions will include the two PSBs mentioned above and a general insurance company.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.