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Home India Govt to revise two Acts to empower privatization of PSU banks

Govt to revise two Acts to empower privatization of PSU banks

New Delhi: Privatization of PSU banks, To encourage privatization of public area banks, the public authority is probably going to carry alterations to two enactments not long from now. Revisions would be needed in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatization, sources said. These Acts prompted the nationalization of banks in two stages and arrangements of these laws must be changed for the privatization of banks, they said.

As the public authority has just declared the rundown of authoritative business for the Budget meeting, it is normal that these changes might be presented in the Monsoon meeting or later during the year, sources added.

The progressing Budget meeting is planned to take up as numerous as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021, and Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Account Minister Nirmala Sitharaman while introducing Budget 2021-22 recently had reported privatization of Public Sector Banks (PSBs) as a component of disinvestment drive to earn Rs 1.75 lakh crore.

“Other than IDBI Bank, we propose to take up the privatization of two Public Sector Banks and one General Insurance organization in the year 2021-22,” she had said.

To encourage privatization of public area banks, the public authority is probably going to carry changes to two enactments not long from now. Revisions would be needed in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatization, sources said. These Acts prompted the nationalization of banks in two stages and arrangements of these laws must be changed for the privatization of banks, they said.

As the public authority has just reported the rundown of administrative business for the Budget meeting, it is normal that these revisions might be presented in the Monsoon meeting or later during the year, sources added.

The progressing Budget meeting is planned to take up as numerous as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021, and Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Account Minister Nirmala Sitharaman while introducing Budget 2021-22 recently had declared privatization of Public Sector Banks (PSBs) as a feature of disinvestment drive to accumulate Rs 1.75 lakh crore.

“Other than IDBI Bank, we propose to take up the privatization of two Public Sector Banks and one General Insurance organization in the year 2021-22,” she had said.

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