Tag: iob

Shares of Central Bank of India, Indian Overseas Bank (IOB) J&K Bank were locked in 20 percent upper circuit on the National Stock Exchange (NSE) on Monday on the back of heavy volumes amid reports that the two financial institutions CBI and IOB might be privatized. On the back of the rally in these three stocks Nifty PSU Bank index surged as much as 4.4 percent to 2,484.15 levels. All of the 13 constituents of the pack traded in the green with maximum gains seen for the counters such as J&K Bank, Indian Overseas Bank, and Central Bank. “Disinvestment news in CBI and IOB lead the rally in PSU Banking basket. For taking ahead of the divestment process, the center shall amend the Banking Regulations Act together with other banking laws. Read more

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.