To facilitate the privatization of these public sector banks, the government is also likely to bring amendments to two legislations this year. Amendments would also be required in the Banking Companies.
The nationalization of the banks in two phases, as well as provisions, have to be changed for the privatization of the best banks in the future, they already said. As the government has announced the list of the legislative business for the Budget session in the budget, this is also expected that these amendments can be introduced in the Monsoon session or maybe later.
This ongoing Budget session is also scheduled for taking up as many bills including the Finance Bill. This is the privatization of public sector banks as part of the disinvestment drive to garner up to ₹1.75 lakh crore in the economy.
The proposal of privatization is already taken by IDBI Bank of two Public Sector Banks and General Insurance companies in the year 2021-22,” she already said. The budget of the current year also interacts a lot, the Finance minister already said the government would also work with the Reserve Bank for the execution of these bank privatization plans announced in the Union Budget.
Some of the details are being worked out here. I have made some of the announcements but we are working together with the Reserve Bank of India, she had already said whenever asked about the proposal before the media. As per the plan, the United Bank of India, as well as Oriental Bank of Commerce, were merged with the Punjab National Bank this year for making the proposed entity the second very largest PSB.
The Syndicate Bank was also merged with this best of the Canara Bank now, while Allahabad Bank was also subsumed in Indian Bank. Andhra Bank as well as Corporation Bank were amalgamated with the Union Bank of India as per the current information.