Privatisation process of two PSBs at advanced stage, says DFS Secy Malhotra

The approval to privatise the two PSBs is yet to be considered by the Core Group of Secretaries on Divestment (CGD) headed by cabinet secretary

“Advance action” is underway for the privatisation of two public sector banks (PSBs) as announced by Finance Minister Nirmala Sitharaman in the last Union Budget, Financial Services Secretary Sanjay Malhotra said on Monday.

In the Union Budget for 2021-22, Sitharaman had announced privatisation of two PSBs besides IDBI Bank. However, this year’s Budget Speech had skipped the mention of the progress made for the privatisation of two PSBs.

“In so far as banking privatisation is concerned, there is a statement on the floor of the House by the finance minister for making enabling provision. Advance action on this is underway,” Malhotra said