Avoidable delay

Govt should soon start the PSB privatisation process

Privatisation of public sector banks (PSBs) is unlikely to happen in the current year. Finance Minister Nirmala Sitharaman in a written reply to Parliament said that the Cabinet has not taken any decision in this regard. Ms Sitharaman had announced in this year’s Budget that the government will take up the privatisation of two PSBs. Since the government did not move the enabling Bill in the winter session, which ended on Wednesday, the process is unlikely to be completed before the fiscal year ends. The government will need to get the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970