New Delhi: The NITI Aayog, in consultation with the Ministry of Finance, has started finalizing the names of the two public sector banks that are to be privatized in the current financial year. This decision is being taken as part of the government's disinvestment process. The commission has been given the responsibility of selecting two public sector banks and one general insurance company for privatization in FY 2021-22. It was announced in the budget presented in February.
Sources said that work is going on in this regard. In this case, one to two meetings have been called by NITI Aayog. He pointed out that several aspects need to be looked at before coming to a conclusion. This includes human resource management, financial health, etc. After the recommendation of the NITI Aayog, the main group of secretaries constituted on disinvestment headed by the Cabinet Secretary will consider it. Other members of this high-level group include Economic Affairs Secretary, Revenue Secretary, Expenditure Secretary, Corporate Affairs Affairs Secretary, Law Secretary, Secretary, Department of Public Enterprises, Secretary, Department of Investment and Public Asset Management (Deepam), and Administrative Department. The secretaries are included.
After obtaining permission from the core group of secretaries, the final list of names will be an alternative arrangement for approval and finally it will go to the cabinet meeting to be chaired by the PM. Changes will be made at the regulatory level after the approval of the cabinet to facilitate privatization. Last month, Finance Minister Nirmala Sitharaman had said that the interests of the employees of the banks that will be privatized will be fully taken care of. Everything including their salary or scale or pension will be taken into consideration.
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