Government keen to reduce stake in 4 public-sector banks

Govt. keen to reduce stake in 4 public-sector banks

Prime Minister Narendra Modi’s office has reportedly asked officials to reduce the government’s stake in four banks by March 2021. The four banks are Punjab & Sind Bank, Bank of Maharashtra, UCO Bank and IDBI Bank, according to reports.

Earlier reports claimed that the government planned to reduce the number of public sector banks from 12 to four-five.

Government’s present stake in these banks:

Bank Centre’s stake
SBI 57.6%
PNB 85.6%
BoB 71.6%
Union Bank 89.1%
Canara Bank 78.6%
BOI 89.1%
Punjab & Sind Bank 83.06%
UCO Bank 94.44%
Bank of Maharashtra 92.49%
Central Bank of India 92.39%
Indian Bank 88.06%
IDBI 46.46%
Indian Overseas Bank 95.84%

 

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But we have filed an RTI regarding privatization of the banks. The reply came as follows that Niti ayog has sent a detailed assessment to government that includes the list of PSU organization for disinvestment of stakes in PSU to make them private does not includes the name of any bank.

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Also, we filed RTI to know about 4 PSU General insurance companies.

  • 4 PSU General insurance company was said to be merged and united in one company and later reports say that they will get privatized. But again RTI report and niti ayog has no such claims either for merging or for privatization of these insurance PSU.

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♦Conclusion

IDBI Bank has already been privatized with less than 51% stake of the government. Government will decrease it’s stake upto 25% stake in IDBI. But in other banks such as UCO bank, Punjab National bank, Bank of Maharashtra, government might reduce its stake but will maintain it above 51%.

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