‘We will work with RBI to privatize banks’

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Prime Time Zone, Webdesk: Union Finance Minister Nirmala Sitharaman on Sunday said she would not work with the Reserve Bank of India (RBI) to implement the privatization of banks as announced in the Union Budget-2021. However, she did not disclose the names of the banks selected for privatization. The details required for this are being prepared and will be announced in the coming days.

He said no bank would set up an investment firm that would hold a government stake in the banks. Speaking about the upcoming bad bank under the name of National Asset Reconstruction Company (ARC), he said the ARC, which will be set up for the transfer of illiquid assets of banks, will be guaranteed by the government and the government will work to improve the performance of banks.