Banks Privatization: Narendra Modi government at the center says business is not the responsibility of the government .. Privatization of government institutions ..
Banks Privatisation: The Narendra Modi government at the Center has said that business is not the responsibility of the government. It is known that privatization of government institutions has started. The central government has decided to privatize the banks as well. The names of the four banks are mainly heard in this context. According to reliable sources, Bank of Maharashtra, Indian Overseas Bank, Central Bank of India and Bank of India will be privatized. It is learned that in the budget submitted on February 1, the Center announced the privatization of banks. There are currently plans to privatize two public sector banks in the 2021-22 financial year. The privatization list includes Indian Overseas Bank, Bank of India, Bank of Maharashtra and Central Bank. However, no clear decision has been taken so far.
Of the four banks, two will be privatized in the 2021-22 financial year, according to official data. In the banking sector, the government is considering selling stakes in mid-size and small banks as part of the first phase of privatization. In the coming years, financial experts predict that the government will take similar measures against the country’s big banks. Vivek Mittal, head of VM portfolio research, told Prime Time Zone Hindi that the government wants there to be only 5 banks in the country. It was clarified that other banks would be merged or privatized. The government is said to be merging large banks across the country.
Meanwhile, bankers have been on strike for two days in protest of the privatization of banks. Along with the bankers on privatization .. there are tremendous concerns among the consumers as well. However, financial experts say that the privatization of public sector banks will not have a big impact on consumers. Bank services are said to continue as before. Reserve Bank of India Governor Shaktikanta Das said they were in talks with the government over the privatization of public sector banks. Improving the financial health of banks is their first priority, he said. He said the RBI would take all policy steps for economic recovery in the economy while maintaining prices and financial stability.
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