Finance minister Nirmala Sitharaman announced during the presentation of the budget that two public sector banks and one public insurance company would be privatized this year.
Previously, work was underway to sell IDBI Bank. The announcement of the sale of shares in life insurance corporation was also made in last year’s budget.
However, there are reports that the government is in the process of privatizing four banks. bank of Maharashtra, bank of india, indian Overseas bank and Central bank of India.
These names have not been officially confirmed. But this has caused a stir among the approximately one lakh and thirty thousand employees of these four banks and other public sector banks.
Nationalization of banks
In 1969, the indira gandhi government nationalized 14 banks. These banks were accused of not fulfilling their social responsibility to move all parts of the country forward and that they were only puppets in the hands of the bank bosses. This decision was considered the beginning of the nationalization of the bank.
However, before this, in 1955, the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india was taken over by the government. Then in 1980, six more banks were nationalized. But now, 52 years after the nationalization of the bank, the government is turning the wheel in the opposite direction.
It has been repeatedly stated since the 1991 economic reforms that government jobs are not about doing business. prime minister Narendra Modi recently reiterated this claim.
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