BSE – Bombay Stock Exchange

Live Stock Rates

Live Market Updates

Niti Aayog to keep 6 public sector banks out of privatisation plan

The government had in August 2019 undertaken a massive consolidation exercise merging 10 PSBs into four, which brought down their total number to 12 from 27. These banks are still in the process of consolidation and including them in the privatisation plan can be disruptive, it is felt.
The Niti Aayog has kept Punjab National Bank, Union Bank NSE -2.06 %, Canara Bank and Indian Bank, and Bank of Baroda and SBI out of the privatisation plan. The Niti Aayog’s recommendation to exclude these is in line with the thinking within the finance ministry that is keen on expeditious integration of systems at these banks.
Finance minister Nirmala Sitharaman had in her budget speech announced the government’s intent to privatise two PSBs & one general insurer in the next fiscal year. She has set a disinvestment target of Rs 1.75 lakh crore for FY22.

Leave a Reply

Your email address will not be published. Required fields are marked *