Govt focused on privatization of two public area banks: Report

As per sources, Central Bank of India and Indian Overseas Bank are probable possibility for privatization
The public authority is on course with the privatization of two public area banks (PSBs) and will make fitting strides before long, sources said.

In the Union Budget for 2021-22, the public authority declared its aim to take up the privatization of two PSBs in the year and supported a strategy of key disinvestment of public area undertakings.

As indicated by sources, the public authority is focused on the privatization of two public area banks and it is on course.

Additionally, sources likewise said the divestment of BPCL is likewise on the card and new offers will be welcomed.

The public authority needed to drop the deal as just a solitary bidder was left in the conflict, sources said.

The public authority had wanted to sell its whole 52.98 percent stake in Bharat Petroleum Corporation Ltd (BPCL) and welcomed Expression of Interest from bidders in March 2020. No less than three offers came in by November 2020 yet just a single remaining parts now after the others pulled out from the race.

On the essential offer of Container Corporation of India (Concor), sources said, there are a few issues and the interaction would be embraced after those are settled.

The Cabinet, in November 2019, had endorsed the essential offer of a 30.8 percent stake, alongside the board control, in Concor out of the public authority value of 54.80 percent. The public authority will hold 24% stake post-auction however with practically no denial powers.

The public authority think-tank NITI Aayog has previously recommended two banks and one insurance agency to the Core Group of Secretaries on Disinvestment for privatization.