Banks Privatization: Strong moves for privatization of state-owned banks; Central Government High Level Meeting | Banks Privatization modi Government planning Privatization of central bank of India indian overseas bank
Banks Privatization | The meeting in Delhi discussed the options suggested by the Policy Commission for privatization of banks. The high-level committee will soon decide which government banks to privatize. The proposal will then be tabled in the Union Cabinet.
Privatization of government banks
New Delhi: The Modi government is likely to take major decisions in the near future to get the economy back on track due to the Corona crisis. One of these is the privatization of state-owned banks. The Modi government plans to raise a large amount of funds through this medium in the next few years. In that sense, the center is moving fast. (Government is moving fast forwards privatization of banks high level meeting held in Delhi)
A high level meeting was recently held in Delhi under the chairmanship of the Union Secretary. It discussed various administrative issues related to privatization of banks. Now, in a few days, a proposal for privatization of banks can be tabled before the Union Cabinet.
Union Finance Minister Nirmala Sitharaman had hinted at the privatization of state-owned banks in her budget speech this year. In this regard, the options suggested by the Policy Commission for privatization of banks were discussed at a meeting in Delhi on Thursday. The high-level committee will soon decide which government banks to privatize. The proposal will then be tabled in the Union Cabinet.
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The High Level Committee of the Central Government consists of the Secretaries of the Departments of Finance, Revenue, Revenue, Corporate, Taxes and Law. Recommendations for privatization will be made after a thorough review of the condition of state-owned banks. According to sources, privatization of Central Bank of India and Indian Overseas Bank is likely in the coming days.
IDBI Bank begins privatization process
The Central Government has invited proposals to appoint legal and practical advisors for the disinvestment process in IDBI Bank. The central government has set a target of raising Rs 1.75 lakh crore through disinvestment in the current financial year. In view of this, the Center has now started the process of disinvestment of IDBI. The proposal was approved by the Union Cabinet last month. Accordingly, the stake in IDBI Bank will be sold by the Central Government and LI.
The Central Government is now seeking legal and practical advice to carry out this whole process properly. So that no rules will be violated in this transaction. For this, the central government has given a deadline of July 13 to submit its proposal to the concerned.
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(Government is moving fast forwards privatization of banks high level meeting held in Delhi)
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