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Privatisation process of two PSBs at advanced stage, says DFS Secy Malhotra

The approval to privatise the two PSBs is yet to be considered by the Core Group of Secretaries on Divestment (CGD) headed by cabinet secretary

The changes will help in putting a framework in place for the privatisation of the other two PSBs that the government had announced in the Union Budget.

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According to the amendments to the Banking Companies Act moved last year, the government is looking to retain at least 26 per cent stake in PSBs post privatisation

Nikunj Ohri New Delhi

2 min read Last Updated : May 30 2022 | 11:15 PM IST

“Advance action” is underway for the privatisation of two public sector banks (PSBs) as announced by Finance Minister Nirmala Sitharaman in the last Union Budget, Financial Services Secretary Sanjay Malhotra said on Monday.

In the Union Budget for 2021-22, Sitharaman had announced privatisation of two PSBs besides IDBI Bank. However, this year’s Budget Speech had skipped the mention of the progress made for the privatisation of two PSBs.

“In so far as banking privatisation is concerned, there is a statement on the floor of the House by the finance minister for making enabling provision. Advance action on this is underway,” Malhotra said

Topics : privatisation Banks privatisation PSBs privatisation of public sector banks Indian Banks Association PSB privatisation Top Business Headlines