Indian Overseas Bank, Central Bank of India clarify reports of privatisation

By VARINDIA - 2021-11-25

Indian Overseas Bank, Central Bank of India clarify reports of privatisation

Indian Overseas Bank shares surged 13.64% to close at ₹22.50 on NSE, while Central Bank of India shares rose 9.98% on reports that the Central government is planning to privatise these banks.

 

The central government will introduce the Banking Laws (Amendment) Bill 2021 in the Winter Session of Parliament. The proposed legislation is among the list of 26 bills that are scheduled to be introduced during the session.

 

The purpose of the Bill is to privatise two public sector banks, amendments need to be made in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 as well as incidental amendments are required to be made in the Banking Regulation Act, 1949.

 

Finance Minister Nirmala Sitharaman while presenting the Budget for 2021-22 had announced the privatisation of public sector banks (PSBs) as part of a disinvestment drive to garner ₹1.75 lakh crore.

 



 


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