These 4 banks may be private from the government, know what impact on customers
Welcome back to our informative blog site "knowing steps360". Officials of the Ministry of Finance, Reserve Bank of India, and NITI Aayog are going to have an important meeting on the privatization of state-run banks today. Let's know what is the preparation of the government? You can also read our IMP News page for other related news.
Which banks will be privatized? What will be the effect on the customer's Many other issues can be discussed in the meeting held on Wednesday evening regarding the privatization of public sector banks. According to media reports, there may be a decision on the privatization of the Bank of Maharashtra, Indian Overseas Bank, Central Bank of India, Bank of India.
What is the government's preparation for Banks?
Let us tell you that in the budget presented on February 1, the privatization of banks was announced. There are plans for the privatization of two public sector banks in the financial year 2021-22. It is being told in media reports that in the list of privatization, the name of Bank of Maharashtra, Indian Overseas Bank, Bank of India, Central Bank is discussed. However, no decision has been taken so far.
Two of the 4 banks will be privatized in FY 2021-22. The government is considering selling stakes in mid-size and small banks as part of the first phase of privatization in the banking sector. In the coming years, the government can also bet on big banks of the country.
What will happen to customers
Experts say that there will be no significant impact on customers by making public-private sector banks. The bank's services continue as before.
Has this happened before
Experts say that earlier the government has privatized IDBI Bank. This bank was going through a financial crisis for a long time. In September 2019, the Life Insurance Corporation of India (LIC) and the government invested Rs 9,300 crore in the bank to bring the bank out of the crisis.
IDBI was a government bank, formed in the country in 1964. LIC had bought a 51 percent stake in IDBI by investing Rs 21000 crore.
After this, LIC and the government together gave 9300 crore rupees to IDBI Bank. LIC's stake in this was Rs 4,743 crore.
Bank employees are protesting
The union is opposing the privatization of state-run banks. On this, about 10 lakh employees of banks had gone on strike on the 15th and 16th of March. Under the United Forum of Bank Unions (UFBU), 9 unions opposed the privatization of PSBs.
According to estimates by bank unions, the Bank of India has about 50,000 employees and Central Bank of India has 33,000 employees, while Indian Overseas Bank has 26,000 employees and the Bank of Maharashtra has about 13,000 employees.
News Source from TV9 Bharatbarsh
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