Niti Ayog has released the list of public banks which are not going to be privatised. Last year Finance Minister Nirmala Sitaraman said that "interests of workers of banks which are likely to be privatised will absolutely be protected whether their salaries or scale or pension all will be taken care of". In 2019, government has reduced down the number of public banks from 27 to 12 and now ahon the list has came out.
The government has cleared that they are not going to privatise Punjab National Bank, Union Bank, Canara Bank, State Bank of India, Indian Bank and Bank of Baroda. Government has cleared that they have no intentions of converting these public sector banks.
On December 2022 government said that it will take its view on privatisation of Public Sector banks after having a word with consentrated department. Union budget of year 2021-22 has intended on taking up of 2 public sector banks and approval of strategic disinvestment of public sector enterprise.
The Budget that government has created was of Rs 1.75 lakh crore from the sale of public sector companies and financial institutions which has included 2 psu banks and a insurance company. With the Niti ayog recent statement a buzz has been created in the of privatisation of the stated public banks.
Finance Minister Nirmala Sitaraman has said that we need banks in the country to be bigger and need such banks which are going to be able to scale up, banks that are going to be able to meet aspirational needs of this country, stating this the reason behind the privatisation of banks in the economy.
Government made clear that they have no plans of privatising the financial institution. Government are pulling the strings and preparing for the banks to privatise them in the economy. Nirmala Sitaraman will also announce some measures to give a boost to financial inclusion and will enhance operational effeciency of PSBs in the coming budget.
The merger came into effect from April 2021, where Punjab National bank has absorbed the Oriental Bank of commerce and United Bank, where Syndicate Bank has absorbed Canara bank, Union bank has absorbed both Andhra bank and Corporation bank and Indian Bank and Allahabad bank has merged.
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