Central Bank of India, IOB may be privatised

Reported by: |Updated: June 7, 2021

The Niti Aayog has recommended to the government to sell its stake in 2 public sector banks – Central Bank of India and Indian Overseas Bank as part of its privatisation plan announced in the union budget in February. The disinvestment and financial services departments are currently reviewing the proposal. Upon their approval, the names will move ahead to the Alternative Mechanism (AM) for their permission and head towards the Union Cabinet for a final decision. Union Finance Minister Nirmala Sitharaman had revealed during Budget 2021 that the government intends to privatize 2 public sector banks along with a general insurance company in this financial year.  The government has set an ambitious target of raising Rs 1.75 lakh crores by selling stakes in public sector companies.