Central Bank and IOB may be privatized soon, another bank is also in competition – Check Details below. The government can sell its stake in Central Bank of India and Indian Overseas Bank. Along with this, the government can also privatize another bank. Central Government Budget presented in February, the announcement of privatization of two public sector banks had released. Under the meet, the government can sell its stake in Central Bank of India (CBI) and Indian Overseas Bank (IOB).
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- While the two banks have been recommended for disinvestment by government think NITI Aayog, Bank of India (BoI) may be a potential candidate for sale. NITI Aayog has also recommended the names of two banks, but now news is coming that the government can also sell its stake in Bank of India. The name of Bank of India is also appearing in the list of privatization.
- It, however, was of the view that the better off entities would attract greater interest, resulting in the shortlisting of IOB and Central Bank. Based on the current share price, the two entities are together valued at around Rs 44,000 crore with IOB’s market cap estimated at Rs 31,641 crore. NITI Aayog has been entrusted with the responsibility of selecting the names of two public sector banks and one insurance company for privatization. The announcement related to privatization was made in the budget for the financial year 2021-22.
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