Govt to privatise two public sector banks

By VARINDIA - 2022-05-26

Govt to privatise two public sector banks

In the Union Budget for 2021-22, the government announced its intent to take up the privatisation of two public sector banks in the year and approved a policy of strategic disinvestment of public sector enterprises. The government is committed to the privatisation of two public sector banks and it is on course to take appropriate steps in the coming months.

 

The government think-tank NITI Aayog has already suggested two banks and one insurance company to the Core Group of Secretaries on Disinvestment for privatisation. It is said that the Central Bank of India and the Indian Overseas Bank are likely the candidates for privatisation.

 

As per the process, the Core Group of Secretaries, headed by the Cabinet Secretary, will send its recommendation to Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final approval.

 

The members of the Core Group of Secretaries include economic affairs secretary, revenue secretary, expenditure secretary, corporate affairs secretary, legal affairs secretary, Department of Public Enterprises secretary, Department of Investment and Public Asset Management (DIPAM) secretary and an administrative department secretary.

 

The divestment of BPCL is also on the card and fresh bids will be invited as the government had to cancel the sale as only a single bidder was left in the fray. The government had planned to sell its entire 52.98% stake in Bharat Petroleum Corporation Ltd (BPCL) and invited Expression of Interest from bidders in March 2020. At least three bids came in by November 2020 but only one remains now after the others withdrew from the race.



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