New Delhi: The government of India is planning to privatize more banks and reduce government-owned lenders to improve the condition of the banking industry. Top banks like Bank of Baroda, Bank of Maharashtra, Bank of India are the top list in this.
The officials said, "The idea is to have 4-5 government-owned banks,". As of now, there are 12 state-owned banks in India
The government official said that such a plan would be laid out in a new privatization proposal the government is currently formulating, and this would be put before the cabinet for approval.
The process of being privatization is still on planning to raise money through privatization by selling assets in non-core companies to bring funds which were declined due to the COVID-19 pandemic and reduced the economic growth. There will be no mergers between private and state-owned banks.
Posted Date : 20-07-20
Categories : BANK NEWS