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State-Owned Banks To Be Reduced In India!
By: Tupaki Desk | 21 July 2020 2:46 PM IST
Prime Minister Narendra Modi led Central government, which merged 10 public sector banks last year is allegedly gearing up to privatize as many as half the state-run banks, as per some media reports.
If we have anything to do with the information provided by some media reports, the government took this ground-breaking decision to privatize a majority of the public sector banks so that the standards of the banks will be increased to that of an international level.
Once the new plan to privatize the banks comes into action, the count of the state-run banks will be cut short to 5 from 12. As part of this, the government is reportedly planning to sell a lion share of stakes in the public sector banks.
As per these media reports, a lion share of stakes in seven state-run banks-Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab & Sind Bank.
This bold and daring step will pave a path for privatising the state-run banks in the country. Reportedly, the concerned departments and authorities are churning out the effective plan in this regard.
It has been widely reported that the government opted for this big plan so that it can pump in money into the banks with the money made by selling the stakes in the banks as the economy faced severe losses with the ongoing pandemic.
If we have anything to do with the information provided by some media reports, the government took this ground-breaking decision to privatize a majority of the public sector banks so that the standards of the banks will be increased to that of an international level.
Once the new plan to privatize the banks comes into action, the count of the state-run banks will be cut short to 5 from 12. As part of this, the government is reportedly planning to sell a lion share of stakes in the public sector banks.
As per these media reports, a lion share of stakes in seven state-run banks-Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra, and Punjab & Sind Bank.
This bold and daring step will pave a path for privatising the state-run banks in the country. Reportedly, the concerned departments and authorities are churning out the effective plan in this regard.
It has been widely reported that the government opted for this big plan so that it can pump in money into the banks with the money made by selling the stakes in the banks as the economy faced severe losses with the ongoing pandemic.