Bank Privatization Latest Update: The government is working fast regarding privatization in the country. Privatization of two government banks (Bank Privatization 2022) is also going to happen in the country. But in the meantime big news has come to the fore. The government is going to privatize all government banks except State Bank of India. Let's know the update.
Bank Privatization: The government is moving very fast regarding privatization in the country. The government is soon going to privatize two public sector banks, the preparation of which is almost complete. Apart from this, there are many government companies which are being handed over to private hands. Meanwhile, two leading economists of the country say that the government should hand over all public sector banks except the State Bank of India to private hands.
All banks will be privatized
Amidst the opposition to the privatization of public sector banks in the country, two big economists of the country have said that except the State Bank of India, all public sector banks should be privatized. Former Deputy Chairman of NITI Aayog and Professor Arvind Panagariya of Columbia University and Poonam Gupta, Director General of NCAER and member of the Council to advise the Prime Minister on economic matters, Poonam Gupta has given this big advice to the government.
Panagariya and Gupta have said in a policy paper presented at the India Policy Forum, 'Privatization of public sector banks is in everyone's interest. With most of the banks going into the private sector, pressure will also increase on the Reserve Bank of India to streamline the entire process, rules and laws, so that it can yield good results.
SBI is not in the list
According to the report given by ncaer.org, it has been said in this policy paper that in principle all public sector banks including State Bank of India should be privatized. But in the economic and political structure of India, no government would like that it does not have a government bank. In view of this, the target at present should be to privatize all other banks except SBI. If the environment looks favorable after a few years, then SBI should also be privatized. That is, both the economists are giving their full support if the banks are private.
What is the plan of the government?
It is noteworthy that Finance Minister Nirmala Sitharaman, while presenting the budget for the current financial year, had announced the privatization of two public sector banks along with IDBI Bank in FY 2022. Apart from this, NITI Aayog has also shortlisted two PSU banks for privatization. Despite the continuous protest, the government has already cleared its stand regarding privatization. Along with this, the Finance Minister had also said that an insurance company will be sold in the current financial year.
According to the information given by the sources, Central Bank of India and Indian Overseas Bank were selected as possible candidates for privatization. That is, Indian Overseas Bank and Central Bank of India are the two banks which can be privatized first.
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