Union Budget 2021: Govt to privatise two PSBs and one general insurer

Reiterating the government’s intention on privatisation, Finance Minister Nirmala Sitharaman said on Monday that two public sector banks (PSBs) and one general insurance company will be privatised.

The government will introduce legislative amendments to privatise these banks in the current Budget session. Of the Rs 1.75 trillion divestment target set for the next fiscal, the government expects Rs 1 trillion to come from divestment of its stake in PSBs and financial institutions.

The Budget has also laid the road map for overhauling public sector enterprises with the announcement of the broad details of the privatisation policy.  The policy classifies CPSEs, banks, and