RBI Governor Das said that we are discussing with the government about the privatization of public sector banks and the process is being taken forward in this context. After this, the discussion about bank privatization is hot again.
Reserve Bank Governor Shaktikanta Das said in a program that talks are going on for the privatization of public sector banks. For this, the central bank is constantly in touch with the government. He said that there was a discussion between the RBI and the Finance Ministry in this regard before the budget and it was also discussed later. As the discussion of privatization is intensifying, many questions are beginning to arise in the minds of account holders. There is no specific information about which banks will be privatized, but the NITI Aayog has made it clear that which banks will not be privatized.
According to a report published in the Economic Times, the government’s think tank NITI Aayog has decided which banks will not be privatized. According to the NITI Aayog, apart from the State Bank of India, the banks which have been consolidated in the recent past will not be privatized. At present, there are 12 government banks in the country. Apart from SBI, Punjab National Bank, Union Bank, Canara Bank, Indian Bank and Bank of Baroda are not in the list of privatization based on the report.
Good news for 70 million subscribers
If these banks are outside the list of privatization, then at least 70 crore customers will get the benefit. There will be no effect of privatization on them. The number of customers of SBI is around 44 crores and the number of customers of Punjab National Bank is around 18 crores. Only the total customers of these two banks exceed 62 crore.
Integration of these 10 banks took place
In August 2019, the government announced the merger of 10 state-run banks. Under this, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank. Allahabad Bank merged with Indian Bank. Syndicate Bank in Canara Bank, Corporation Bank and Andhra Bank were merged with Union Bank of India.
Within the scope of three bank prompt Corrective Action Framework
Currently, the Indian Overseas Bank, Central Bank of India and UCO Bank are under the Prompt Corrective Action Framework (PCA) of the Reserve Bank. It is believed that after the March quarter results, these banks will come out of the purview of PCA. IDBI Bank has already come out of this. While presenting the budget on 1 February, Nirmala Sitharaman announced the privatization of two banks and the privatization of one insurance company. The target of privatization and disinvestment has been set at Rs 1.75 lakh crore for the next financial year.
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