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Govt likely to begin process of 'offloading' PSU banks in next Parliament session
Bad loans of PSU banks stood at Rs 7.27 lakh cr at the end of 2019. There is no word on who is accountable for this siphoning of such a colossal amount of people's money. The Government wishes to go slow on shedding these PSUs. It has the will to do, but can't find a solution!

NEW DELHI, Feb 16: In order to facilitate privatisation of public sector banks, the Central Government is likely to make amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

As the agenda of the Budget session is already packed, the necessary legislation may be brought in the monsoon session of Parliament.

While presenting the 2021-22 Budget proposals in Parliament early this month, Finance Minister Nirmala Sitharaman had stated the intention of the Centre to offload the public sector banks to make Rs 1.75 lakh crore.

"Other than IDBI Bank, we propose to take up the privatization of two public sector banks and one General Insurance company in the year 2021-22," she had said. Last year 10 PSU banks were amalgamated into four.

The four mid-sized banks shortlisted for privatisation are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, according to a report in 'Business Today.'

To lessen any adverse impact, the Government will offload these banks step by step, one by one or in twos. A random check of the staff strength shows: Bank of India - 50,000; Central Bank of India - 33,000; Indian Overseas Bank - 26,000; and, Bank of Maharashtra - 13,000.

According to the Finance Minister, bad loans of PSU banks stood at Rs 7.27 lakh crore at the end of 2019.

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