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Soon these 4 government banks will be private, government will sell stake

The India Print 2020-08-19 17:11:23

The central government will soon speed up the process of selling its stake in 4 major state-owned banks in the country. Let us know that the  government holds a large stake in these 4 banks, Punjab and Sindh Bank, Bank of Maharashtra, UCO Bank and IDBI Bank and now wants to sell it. According to sources, the central government will also accelerate the process of privatization of  these 4 big banks  . The reason behind this is that many big public sector banks are facing economic crisis. This makes it clear that the government can privatize all these banks by 2021 March next year. One According to the report, the PMO has asked the officials to speed up the process of selling the stake of these banks. Due to the Corona epidemic, there has been a significant decline in tax collection, due to which there is so much emphasis on privatization of banks as well as other government companies for the purpose of raising funds. 

In a report it was claimed that the government is considering privatizing not only these 4 banks but also about half of the registered banks in the country. According to sources, the government wants to keep only 4 to 5 government banks in the country. At present, there are 12 state-owned banks in India, of which more than 51 percent stake of the central government is included in these banks. According to the information, the government is starting the process of privatization of these banks at a time when many such public sector banks in India are struggling with the NPA crisis. However, no official information on the process of privatization from the government has been revealed yet.