Privatization process of these four government banks accelerated, if you don’t have an account with these banks
new Delhi. PSU banks have been asked by the PMO to speed up the process of reducing their stake. According to the PMs, the process of reducing or completely eliminating the government’s stake from at least four banks in the country should be expedited. For this, the names of Punjab and Sindh Bank, Bank of Maharashtra, UCO Bank (UCO Bank) and IDBI Bank (IDBI Bank) have emerged. It has been made clear from the PMO that this should happen in the current financial year.
Government needs money to recover expenses
These four banks hold a very large stake under the government’s direct and indirect holdings. In such a situation, the government is now working on reducing its stake from these banks. Under the change in banking system, the government believes that there should be only 5 banks in the country. In such a situation, the government is busy privatizing the remaining banks. With the money received, he can meet his budgetary expenses. In fact, due to corona virus, the government has suffered a lot of revenue. The fiscal deficit is steadily increasing. It has also become difficult for the government to meet the daily expenses.
Process of privatization of banks started
According to the information, the process of privatization to public sector banks has been started. Although the PMO is not making any statement about this from the office of the Ministry of Finance, but in the last few days, there has been a lot of talk about it. If sources are to be believed, the sooner the government wants to complete this process, the more difficult it is to look at now. Let me tell you that at present there are a dozen banks in the country besides IDBI. The government holds 47.11 per cent stake in IDBI while LIC holds 51 per cent.