Saturday, February 27, 2021
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks:

Jaleel M. by Jaleel M.
February 16, 2021
in Business
0
Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks:
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks as part of disinvestment drive to garner Rs 1.75 lakh crore

Related posts

Indian economy exits technical recession as GDP grows at 0.4% in Oct-Dec quarter

Indian economy exits technical recession as GDP grows at 0.4% in Oct-Dec quarter

February 26, 2021
RailTel makes strong debut on bourses, gains over 29% on issue price despite bloodbath in market

RailTel makes strong debut on bourses, gains over 29% on issue price despite bloodbath in market

February 26, 2021

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks:

Representational Image. Reuters

New Delhi: To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year.

Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.

These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said.

As the government has already announced the list of legislative business for the Budget session, it is expected that these amendments may be introduced in the Monsoon session or later during the year, sources added.

The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021, and Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks (PSBs) as part of disinvestment drive to garner Rs 1.75 lakh crore.

“Other than IDBI Bank, we propose to take up the privatization of two Public Sector Banks and one General Insurance company in the year 2021-22,” she had said.

Later in one of the post Budget interactions, the Finance Minister had said the government will work with the Reserve Bank for the execution of the bank privatisation plan announced in the Union Budget 2021-22.

“The details are being worked out. I have made the announcement but we are working together with the RBI,” she had said when asked about the proposal.

The government last year consolidated 10 public sector banks into four and as a result, the total number of PSBs came down to 12 from 27 in March 2017.

As per the amalgamation plan, United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank, making the proposed entity the second-largest PSB.

Syndicate Bank was merged with Canara Bank, while Allahabad Bank was subsumed in Indian Bank. Andhra Bank and Corporation Bank were amalgamated with Union Bank of India.

In a first three-way merger, Bank of Baroda merged Vijaya Bank and Dena Bank with itself in 2019. SBI had merged five of its associate banks – State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad- and also Bharatiya Mahila Bank effective April 2017.

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply



Source link

Previous Post

FMCG sector grows 7.3% in December quarter, rural sales up 14.2%, says data firm Nielsen

Next Post

Tata group to acquire 68 percent stake in BigBasket for Rs 9,500 crore, say sources

Next Post
Tata group to acquire 68 percent stake in BigBasket for Rs 9,500 crore, say sources

Tata group to acquire 68 percent stake in BigBasket for Rs 9,500 crore, say sources

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Sunil Chhetri Advises Indian Women Footballers To Work On “Every Small Aspect” Ahead Of 2022 Asian Cup

Sunil Chhetri Advises Indian Women Footballers To Work On “Every Small Aspect” Ahead Of 2022 Asian Cup

7 months ago
WhatsApp eating up smartphone storage? A new feature might soon solve this problem

WhatsApp eating up smartphone storage? A new feature might soon solve this problem

6 months ago
Microsoft unveils personal version Teams for video calls, chats, sharing

Microsoft unveils personal version Teams for video calls, chats, sharing

8 months ago
Indian government open sources code for Aarogya Setu Android app

Indian government open sources code for Aarogya Setu Android app

9 months ago

FOLLOW US

  • 81 Followers
  • 29.5k Followers
  • 103k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • KRISTIN LASH & JAKOB GREY Team Up On “Sleeping With The Lights On”

    0 shares
    Share 0 Tweet 0
  • A Blackhat Hacker Durgesh Singh Kushwah Tells Us All!

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy