Central Bank of India, IOB could be privatised in current fiscal

Published On: Monday, June 7, 2021 | By: Team KnowMyStock

Two state-run banks shortlisted by the NITI Aayog-Central Bank of India and Indian Overseas Bank (IOB)-may be privatised by the Centre, according to the sources. The report further added that the Bank of India could be a potential candidate for privatisation too. NITI Aayog had submitted the names of the two state-run banks and one general insurer to the committee of secretaries on disinvestment. The announcement regarding the privatisation of these banks was made in the Union Budget of 2021-22. The proposal is being vetted by DIPAM and the department of financial services, according to the sources. The Centre has budgeted a target of Rs 1.75 lakh crore from stake sale in the current fiscal. It also aims to conclude the privatisation of Air India, BPCL, and Shipping Corporation the process for which has already started in the current fiscal.

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