Niti Aayog submits names of public sector banks to be privatised

New Delhi: Niti Aayog on Thursday (June 3) submitted the names of Public Sector Undertaking (PSU) to be privatised to the Core Group of Secretaries on Disinvestment. All the PSBs within the record will be privatised by FY22, as half of the federal government’s huge disinvestment course of geared toward elevating funds. 

“We have submitted the names (of PSU banks) to the Core Group of Secretaries on Disinvestment,” a authorities official informed PTI. 

According to Budget 2021-22, the Centre is trying to privatise two public sector banks and one basic insurance coverage firm. Niti Aayog was given the duty to establish the government-owned banks and insurance coverage firm that may be made non-public. 

Besides Niti Aayog, different members within the panel are the financial affairs secretary, income secretary, expenditure secretary, company affairs secretary, authorized affairs secretary, Department of Public Enterprises secretary, Department of Investment and Public Asset Management (DIPAM) secretary and an administrative division secretary.

The names will go to Alternative Mechanism (AM) for approval after the Core Group of Secretaries, headed by the Cabinet Secretary, offers its blessings to Niti Aayog’s record. Following AM’s clearance, the ultimate approval will be taken in a Cabinet assembly headed by Prime Minister Narendra Modi. 

In a current interplay, Finance Minister Nirmala Sitharaman had famous that “interests of workers of banks which are likely to be privatised will absolutely be protected whether their salaries or scale or pension all will be taken care of”.

Sitharaman aspires that Indian banks want to be bigged, identical to the State Bank of India (SBI). 

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