National Affairs

4 PSU Banks Will Be Privatize Before March 2021: PMO intervenes

Banks involved in the process of privatization wherein the Indian government owns majority stakes through direct and indirect holdings are Punjab and Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, reports Reuters. PMO office wrote a letter earlier this month to the Ministry of Finance asking to speed up the process of privatizing the lenders in the current financial year, ending in March 2021. Center wants to overhaul the banking sector and other state run companies to help fund raising for budgeted spending amid a fall in tax collections due to the downturn economy caused by covid.

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