The government will sell 51% stake in these 2 banks.

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New Delhi, 21 June 2021 Monday

The central government has chosen to privatize two public sector banks, the central government could sell its 51% stake in Central Bank of India and Indian Overseas Bank.

For this privatization, the government is expected to amend the Banking Regulation Act, discuss with the RBI and amend some other laws, noting that the Policy Commission had earlier this month recommended the names of Central Bank of India and Indian Overseas Bank for privatization. . The policy commission was tasked with naming two public sector banks and one insurance company for privatization.

Now a question is being discussed everywhere about what will happen to the employees and customers of these two banks after privatization, although Finance Minister Nirmala Sitharaman clarified on March 16 that customers will continue to get the same facilities as before, only formal changes will be made. There will be no risk to the jobs of the bankers, their interests including salary and pension and other benefits will be taken into full consideration.

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