Government working with RBI to Execute Bank Privatization

Finance Minister Nirmala Sitharaman on Sunday said the government would work with the Reserve Bank of India to implement the banking system announced in the budget. Speaking to reporters in the financial capital, Sitharaman also said that the government has no plans to set up any company that will invest in banks to invest in the government.

In the Union’s budget presented last week, Sitharaman announced that two banks would be placed under state control as part of the government’s investment plan. Bank unions have opposed the move. Details are made. I made the announcement but we are working in partnership with the RBI, he said, when asked about the proposal.

However, he declined to comment on any specific details about who would run in the by-elections. On the negative side, Sitharaman said the government would need to provide a guarantee for the National Asset Reconstruction Company, but stressed that this was a solution from the banks themselves and would be led by them.

Sitharaman alleged that inefficient bank assets, to be transferred to the National ARC, were a legacy of past misuse. No more mobile banking now, with the demands of anyone from New Delhi. At the Bank Investment Company, he said no such proposal was on the table and he wondered what led to the discussion. No such conversation. I don’t know where it comes from. At least it’s not in front of me. I’m not talking about that. 

According to the minister, banks are also slowly withdrawing from the risk policy, which was in place at the start of the epidemic.

When asked about the intentions of the overarching demand for secession and the government’s ability to make the necessary changes to earn an income, Sitharaman expressed confidence by hitting budget estimates of Rs 1.75 lakh crore. He said the government would stop receiving up to R30,000 from the newly introduced agricultural infrastructure. On the issue of fuel prices, and inflation due to jobs, Sitharaman said if the central government lowers taxes, provinces will increase their taxes to keep prices at the same level and earn more.

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