Bank privatisation may gather pace as government plans to pass Banking Law Amendment Bill in upcoming Monsoon Session: Sources

Zee Business Exclusive: Privatisation of Public Sector process may get a fillip as the government may take up the Banking Law Amendment Bill during the upcoming Monsoon Session of the Parliament. Zee Business' Tarun Sharma reports. 

Sharma said that if the Banking Law Amendment Bill is passed during this monsoon session, the process of bank privatisation will gather pace. Two PSU banks are already on the radar- one is the Central Bank of India (CBI) while the other is the Indian Overseas Bank (IOB). While the Government has officially not announced the names, but these two banks are likely to come under the radar, Sharma said citing his sources.  

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#ZBizExclusive | बैंक के निजीकरण में आ सकती है रफ्तार

मॉनसून सत्र में बैंक लॉ संशोधन बिल आने की उम्मीद, सरकार की जोरदार तैयारी
बैंक लॉ संशोधन बिल आने के बाद निजीकरण में आएगी रफ्तार
सरकारी हिस्सा 51% से घटाकर 26% करने पर जोर

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The government intends to bring down its stake from 51 percent to 26 percent, Sharma said.

This will be possible only when the Banking Law Amendment Bill is passed.  According to sources, the Department of Financial Services (DFS) is working on this law and it is expected that this time the Banks Law Amendment Bill will be approved by the Parliament.