Which Bank will be Privatised in India?
Following the announcement made during Union Budget 2021-22, the process of privatisation of Public Sector Banks (PSBs) began. Initially, Central Bank of India (CBI), Indian overseas Bank (IOB), Bank of India (BOI) and Bank of Maharashtra (BOM) were reportedly short listed by Niti Aayog.
Which Bank is going for privatisation?
The Centre has already proposed to privatise the Indian Overseas Bank (IOB) and the Central Bank of India, according to reports.. This is part of the Rs 1.75 lakh crore disinvestment scheme of the government that was announced earlier by the authorities for the current fiscal year.
Which banks are going to Privatise in 2021?
Central Bank of India and Indian Overseas Bank are reported to be probable candidates for privatisation. The government has budgeted ₹1.75 lakh crore from stake sale in public sector companies and financial institutions, including two PSU banks and one insurance company, during the current financial year.
Is IOB a safe Bank?
Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option. Thus, Indian Overseas Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
Will Central Bank of India and Indian Overseas Bank be privatised?
NITI Ayog has shortlisted Central Bank of India and Indian Overseas Bank for divestment, according to CNBC Awaaz. In the Union Budget 2021, finance minister Nirmala Sitharaman announced the decision of privatising of two public sector banks (PSBs) in 2021-22.
Which banks are likely to be privatised in India?
As per the reports, the Central Bank of India and the Indian Overseas Bank are the probable candidates for privatisation.
How many public sector banks will be privatised in FY 2021-22?
Earlier, the government think tank, NITI Aayog, submitted the names of two state-owned banks and one public sector general insurer to be privatised in the FY 2021-22 to the Core Group of Secretaries on Disinvestment.
What is the final step in privatisation of banks?
The final step is when the PM-headed Cabinet gives its final nod. Sitharaman said in response to protests held by to-be-privatised bank workers that their interests will be protected and issues regarding salaries or scale or pension will be taken care of as well.