Bank Privatization: Apart from two government banks, work is going on fast on the privatization of some companies from the government side. Under the process of disinvestment, the main group of secretaries headed by the Cabinet Secretary will send its recommendation for its approval.
Bank Privatization: Work is being done at a rapid pace on privatization by the government in the country. After privatizing some companies and banks, it is now moving forward on the privatization process of two more banks. Work is going on from the government side in this direction. According to sources, the government can take appropriate steps in this regard soon.
Work in progress in this direction
In the budget for the financial year 2021-22, along with the government’s desire for privatization of two public sector banks, the policy of strategic disinvestment of public sector undertakings was approved. Sources say that the government is fully prepared for the privatization of two public sector banks and work is going on in this direction.
Fresh bids will be invited for BPCL
Sources also said that the process of disinvestment of Bharat Petroleum Corporation Limited (BPCL) is also going on. For this also new bids will be invited. There was only one bidder left for this, due to which the government had to cancel the sale bid. The government had planned to sell the entire 52.98 percent stake in BPCL.
For BPCL, letters of interest were sought from the bidders in March 2020. For this, three bids were received till November, 2020, but after withdrawing two bids, only one bidder remained. Regarding the strategic sale of Container Corporation of India (Concor), sources said that there are some issues and after their resolution, the process of disinvestment will be initiated.
According to sources, the public sector Central Bank of India and Indian Overseas Bank can be privatized. As part of the disinvestment process, the main group of secretaries, headed by the Cabinet Secretary, will send its recommendations to the Alternative Mechanism (AM) for its approval. After this, the Union Cabinet headed by Prime Minister Narendra Modi will put its final seal on it.
Fresh bids will be invited for BPCL
Sources also said that the process of disinvestment of Bharat Petroleum Corporation Limited (BPCL) is also going on. For this also new bids will be invited. There was only one bidder left for this, due to which the government had to cancel the sale bid. The government had planned to sell the entire 52.98 percent stake in BPCL.
For BPCL, letters of interest were sought from the bidders in March 2020. For this, three bids were received till November, 2020, but after withdrawing two bids, only one bidder remained. Regarding the strategic sale of Container Corporation of India (Concor), sources said that there are some issues and after their resolution, the process of disinvestment will be initiated.
According to sources, the public sector Central Bank of India and Indian Overseas Bank can be privatized. As part of the disinvestment process, the main group of secretaries, headed by the Cabinet Secretary, will send its recommendations to the Alternative Mechanism (AM) for its approval. After this, the Union Cabinet headed by Prime Minister Narendra Modi will put its final seal on it.
