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Banks Privatisation updates & AIBEA to hold webinars from 1st July



AIBEA to hold national webinar from 1st July to AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation

AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation

uniindia.com

The Union government is likely to bring amendments in Banking Regulations Act and Banking Law Act during monsoon session to privatise the two-state run banks. 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. According to the new Public Sector Enterprise policy for ‘Aatmanirbhar Bharat’, NITI Ayog has been entrusted with the task to suggest names of PSUs in strategic sectors to be merged, privatised, or made subsidiaries of other PSUs. The government think-tank has recently submitted a report to the core group of secretaries on disinvestment mentioning the names of these two banks the would be privatised this fiscal. The other members of the core group panel are economic affairs secretary, revenue secretary, expenditure secretary, corporate affairs secretary, secretary legal affairs, secretary department of public enterprises, secretary department of investment and public asset management (DIPAM) and the secretary of administrative department. Once the the core group of secretaries, headed by the Cabinet Secretary, clear the names, the report will go to alternative mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.