NITI Aayog has recommended divesting government stake in the Central Bank of India and Indian Overseas Bank (IOB) as part of the privatisation initiative announced in the Union Budget. Finance Minister Nirmala Sitharaman, in her Budget speech, had announced privatising two public sector banks (PSBs) and one general insurance company in 2021-22. As per the new PSE (Public Sector Enterprise) policy for ‘Aatmanirbhar Bharat’, NITI Aayog is entrusted with the task to suggest names of PSUs in strategic sectors to be merged, privatised, or made subsidiaries of other PSUs.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
The Department of Investment and Public Asset Management (DIPAM) and Department of Financial Services (DFS) will examine the proposal and discuss legislative changes needed for the privatisation of banks. The finalisation of privatisation and disinvestment of public sector enterprises is a multi-layered process. After a Core Group of Secretaries, headed by the Cabinet Secretary, clears the suggested names, the proposal will go to Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for a final nod.
Important takeaways for all competitive exams:
India's first Made In India C295 transport aircraft is set to be delivered to the…
On 23rd to 24th June, 2026 in Bengaluru India hosting the BRICS Heads of Space…
India has secured the 13th position in the QS World Future Skills Index of 2027…
The latest International Monetary Fund (IMF) World Economic Outlook Report which released in the April…
The FIFA World Cup 2026 group stage is heating up after the first round of…
The Government of Uttar Pradesh has introduced and expanded several welfare and development schemes in…