Central Bank of India and Indian Overseas Bank will be privatized. Government took a big decision, will send 51% stake
The Central Government has decided to privatize the Central Bank of India and Indian Overseas Bank. Soon the central government will sell 51% stake of the bank. The government is going to take a decision to disinvest both the banks soon.
According to CNBC Awaaz, The central government will also change the rules of these two banks. The Central Bank will also discuss with the Reserve Bank of India ie RBI. Both these banks were recommended by the commission. NITI Aayog was given the responsibility to choose the names of two public banks and one insurance company for privatization.
Also in this year’s budget report. India’s Finance Minister Nirmala Sitharaman had announced in this year’s budget itself that two banks and one insurance company are to be privatized. NITI Aayog has followed the same points and named Central Bank of India and Indian Overseas Bank, whose government will sell 51% stake. If according to the market report, at present the market value of the Central Bank of India in the stock market is about Rs 44000 crores while the market share of Indian Overseas Bank is Rs 31641 crores.