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Bank Privatisation: Will the job of government employees be safe only for one year? You too will have the same effect

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Bank Privatisation: According to the latest report regarding the privatization of banks, the government can promise the employees of those two banks to retain their jobs for only one year. After that the new management will decide on his job.

NITI Aayog has selected banks, which will be privatized.

Bank Privatisation Many reports have come to the fore in the last two weeks. Earlier it was reported that the employees of the two banks which will be privatized, will be offered Premature Retirement i.e. VRS. Now an exclusive report by Bloomberg Quint has claimed that the jobs of the employees of the two banks which will be selected for privatization will be protected for only one year.

According to the report, the government’s think tank NITI Aayog has proposed to the Finance Ministry that the jobs of the employees of the two banks which will be privatized will be promised to be safe for only one year. Let us inform that NITI Aayog has selected banks for privatization and this list has also been submitted to the Finance Ministry. It is known that Central Bank of India, Indian Overseas Bank, Bank of Maharashtra and Bank of India are some of the names whose privatization is being considered.

Fitch said there will be delay in bank privatization

Earlier, Fitch Ratings had said on June 7 that the privatization campaign may be delayed due to the Corona epidemic. Presenting the Budget 2021, Finance Minister Nirmala Sitharaman had announced the privatization of two public sector banks and a government insurance company. The government aims to meet the target of privatization within the current financial year i.e. before 31 March 2022. However, Fitch believes that due to the epidemic, this deadline will be extended. The Modi government has continuously disinvested or merged banks during its tenure. In 2017, there were 27 public sector banks in the country which decreased to 12 in 2020. Now it is being reduced to 10.

83 thousand employees to consider VRS

If we talk about premature retirement i.e. VRS, then about 83 thousand employees of two banks can get the offer of VRS. By taking this option, they will not have to lose their job, while the work of privatization of the government will also become easier. The NITI Aayog has been entrusted with the task of identifying suitable candidates for privatization. For this, a high-level panel was constituted under the chairmanship of Cabinet Secretary Rajiv Gauba. This panel will recommend the names of eligible candidates to work in private banks.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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