Business Tit-Bits: The Politics of Selling Banks

As part of the 2021 budget proposals, the FM had said that while a strategic disinvestment of IDBI Bank will be done during the forthcoming FY 2021-22, the government will also privatise 2 public sector banks and one general insurance company in FY 2021-22. She further said that necessary legislative changes will be brought in the current budget session itself, to enable such privatisation/disinvestment. Since then, rumours have surfaced that the two banks likely to be privatised, will be chosen from either of Bank of Maharashtra/Bank of India/Central Bank of India or Indian Overseas Bank. Its an unconfirmed rumour, and the government’s stand is not known; whether it wants to sell its weakest PSBs or wants to offer those which are likely to attract a buyer, so as to kickstart its ambitious privatisation program.. #Privatization #Budget2021 #Banks #NirmalaSitharaman #IDBIBank #BankofMaharashtra #BankofBaroda #CentralBank

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