New Delhi: The Central Government is likely to come out with an important bill on privatisation of public sector banks in this winter session, moving ahead with economic reforms. This is included in the list of Bills to be introduced in Parliament. While presenting the General Budget 2021-22, the Government had also announced to make 2 banks private in the same financial year, which is expected to be brought in to complete the same work. In any case, the Government has taken 1. 75 lakh crores.

The list of Bills to be introduced in the same Parliament includes the Banking Laws (Amendment) Bill, 2021. But the Bill does not mention the names of the banks to be privateised. There is a possibility that through this Bill, the Government is enacting a 'common' law for privatisation of banks. Sources said, the government may enact a law on privatisation of public sector banks through this bill to simplify the process of privatisation of banks and strengthen the hands of the government.

Through the same new Amendment Bill, the Government is preparing to make changes in important bills relating to the banking sector. This includes changes in the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970 and 1980 as well as several provisions of the Banking Regulation Act, 1949. There was a first change in 1969 and the second major change in 1980 regarding nationalization of banks in the same country. Then, the law that was enacted nationalized all the 34 banks in the country simultaneously.

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