Department of Financial Services secretary Sanjay Malhotra said on Monday that preparations are being taken for the privatisation of two public sector banks, as announced by finance minister Nirmala Sitharaman.

The government stated its intention to privatise two PSBs (Public Sector Banks) in the year and authorised a programme of strategic disinvestment of public sector firms in the Union Budget for 2021-22. "In terms of banking privatisation, the finance minister has already made a speech on the floor of the house in support of adopting enabling provisions.

This is being worked on in advance "He made the remarks during the 'Iconic Week of the Finance Ministry,' which will take place between June 6 and 12. The government revealed its intention to privatise two PSBs this year in the Union Budget for the financial year 2021-22, as well as adoption of a policy of strategic disinvestment of public sector firms, Sitharaman stated in Parliament.

The government think tank NITI Aayog has already recommended two banks and one insurance business for privatisation to the core group of secretaries. The Central Bank of India and the Indian Overseas Bank, according to sources, are likely candidates for privatisation. According to the procedure, the Cabinet secretary will lead a core group of secretaries who will send their recommendation to the Alternative Mechanism (AM) for approval, and then to the Prime Minister's Cabinet for final approval.

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