11th Public Sector Banks are Part Of Strategic Sector For Privatisation - 11th Bipartite Wage Settlement - Current Status & News

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Friday, 12 June 2020

Public Sector Banks are Part Of Strategic Sector For Privatisation

Public Sector Banks are on the verge of Privatization under Atmanirbhar Bharat strategic and non-strategic economic package - Chief Economic Adviser Krishnamurthy Subramanian has indicated that few of the Public Sector Banks may be privatized in coming years under non - strategic package policy.

Banking will be part of strategic sector for privatization under the government's new policy for public sector enterprises (PSEs). Finance Minister Nirmala Sitharaman last month said that there will be a maximum of four public sector companies in strategic sectors under a new policy that will be formulated by the government for PSEs.


He said :
India may further reduce the number of its state-run lenders as such institutions will be classified as a strategic sector under the government’s new policy for state-owned enterprises, Chief Economic Adviser Krishnamurthy Subramanian has indicated.
In most strategic sectors, there’s competition from private sector; where there isn’t, that will be enabled, Subramanian said
India has 12 state-run banks post amalgamation of 10 banks into four in April this year.
In most strategic sectors, there’s competition from private sector; where there isn’t, that will be enabled, Subramanian said, while addressing the media.

Finance Minister Nirmala Sitharaman, in the “Atmanirbhar Bharat” (self-reliant India) economic package, announced in May that :
the government will classify sectors into strategic and non-strategic. All state-run enterprises in non-strategic sectors will be privatised, while the number of state-run entities in strategic sectors will be limited to up to four. All other entities in strategic sectors will be privatised, merged or brought under a holding company.
Mr Subramanian also said that the work to identify strategic and non-strategic sectors is still under progress.

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