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Govt Set To Remove 20% Foreign Ownership In PSUs
Sitharam during budget session announced the privatisation of two public sector banks along with IDBI Bank in FY22
Photo Credit :
The government is moving ahead rapidly regarding privatisation in the country. Now the government is soon going to privatise two public sector banks. Bids have also started for many companies.
As per media information, privatisation may start by September this year. On the other hand, government employees are also continuously on strike in protest against this. The government is set to remove the 20 per cent cap on foreign ownership in PSU banks (PSBs) by amending the Banking Regulation Act. It is being told that the government has also shortlisted two government banks for this.
It is worth noting that Finance Minister Nirmala Sitharaman, while presenting the budget for the current financial year, announced the privatisation of two public sector banks along with IDBI Bank in FY22. Apart from this, NITI Aayog has also shortlisted two PSU banks for privatisation.
Hence, Central Bank of India and Indian Overseas Bank were selected as potential candidates for privatisation.