Privatisation of Bank Will Be As Per The Plan States FM Nirmala Sitharaman: In a recent press meeting, union Finance Minister Mrs. Nirmala Sitharaman announced that the privatization plan of the banks is on course and it is as per the schedule and there is no change in it. This was addressed by her in Mumbai at the ceremony of Modi’s government completing 9 years.
FM also announced that the government is seeking to privatize the two public sector banks at the 2021 budget session. Now her recent statement has added strength to the above-mentioned topics. According to the report, the government will set up a committee to prepare a list of the bank governed by the state that can be privatised.
As of now, there are 12 public sector banks, which have gone through by the selection committee to make a list. This would take time as there are some legal commitments to finish and the government will first amend the Nationalisation Act of 1970 and 1980 to remove the barriers to privatise the public bank.
To do that, the bill should be passed in the parliament and it is expected that this would take some severe time, as it may take some amendments for passing the bill. The reports are expected that this would happen after the 2024 general elections.
