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Thursday, January 20, 2022

Big news on bank privatization, NITI Aayog may reveal 2 names soon! What will happen next?

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bank Privatization News: NITI Aayog, the central government think tank (NITI Aayog), may soon reveal the names of these two banks. Discussions are on to finalize the names of two public sector banks in consultation with the Finance Ministry.

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The government can take a decision soon regarding the privatization of 2 public sector banks in the country. Till now these public sector banks are being speculated for many days, but their names have not been revealed. NITI Aayog, the central government think tank (NITI Aayog), may soon reveal the names of these two banks. Discussions are on to finalize the names of two public sector banks by the NITI Aayog in consultation with the Finance Ministry.

In this financial year, both banks are to be privatized, which is called Disinvestment in Departmental language. Explain that in the budget presented in February, the Union Finance Minister Nirmala Sitharaman had talked about privatization of two public sector banks and an insurance company. While reviewing, the responsibility of deciding these three names has been given to NITI Aayog.

Departmental sources said that work is going on to decide the names of the banks. In this case, one to two meetings have been called by NITI Aayog. Sources further said that he said that many aspects need to be considered before reaching a conclusion. These points include human resource management, financial health, etc.

Name will be decided under the chairmanship of Cabinet Secretary

After the recommendation of NITI Aayog, a core committee will consider it. The chairman of this core committee set up for disinvestment is the Cabinet Secretary. This high level core group would include Secretary in Economic Affairs, Revenue Secretary, Expenditure Secretary, Secretary of Corporate Affairs, Law Secretary, Secretary of Department of Public Enterprises, Secretary of Department of Investment and Public Asset Management (Deepam) and Secretary of Administrative Departments. Huh.

… And then the final approval will be given

After getting approval from the core group of secretaries, alternative arrangements will be made for the final list of banks’ names for approval. In the end, this list will go to the cabinet meeting to be chaired by the Prime Minister. After the approval of the Cabinet, changes will be made at the regulatory level so that the path of privatization is facilitated.

The names of these banks are being discussed

According to media reports, among the names NITI Aayog is considering for privatization of banks, Bank of Maharashtra, Indian Overseas Bank (IOB-India Overseas Bank), Bank of India (BoI-Bank of India ) And Central Bank of India. The two names that are discussed the most are Indian Overseas Bank and Bank of India.

After this news, shares of these four banks have gained strongly. Bank of India shares rose 9 per cent to Rs 72. At the same time, Bank of Maharashtra’s share rose strongly by 18 per cent, IOB’s share by 11 per cent and Central Bank of India’s share by 7 per cent.

Salary of bank employees, pension will not be affected

The most talked about privatization of banks is what will happen to millions of employees and crores of customers! It has been clarified earlier that the customers will continue to receive the services as before, while no sword will be hung even on the jobs of bankers.

Last month, Finance Minister Nirmala Sitharaman had said that the interests of the employees of the banks that will be privatized will be fully taken care of. He had assured that everything including banker’s salary or scale or pension would be taken into consideration.

Explain that the central government has set a target of raising 1.75 lakh crore rupees from disinvestment in public sector companies and financial institutions in the current financial year. Privatization of two public sector banks and one general insurance company is also part of this goal of the government.

Also read: Gautam Adani: The story of a trader becoming the second richest man in the country

Also read: Lijjit Papad started with a loan of 80 rupees… .Now starts a business of 800 crores…

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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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