NITI Aayog Recommended privatisation of central bank and Indian Overseas Bank

Government think- tank NITI Aayog Has recommended the names of central Bank of India and India overseas bank (IOB)for private lessons in the current fiscal (2021-22 )as part of the disinvestment Process announced in the union Budget 2021-22.

  • According to budget 2021-22, Two public sector banks (PSBs) and one general insurance company in 2020- 21  will be privatised, as per the new PSE ( Public sector enterprise) policy for ‘ policy for ‘ Atma Nirbhar Bharat’.
  • Central government has set a disinvestment target of Rs 1.75 lakh crore for FY22.
  • The Department of investment and Public Asset management (DIPAM) and Department of Financial service (DFS) will examine the proposal and discuss legislation changes needed for the privatisation of banks.

About NITI Aayog

  • National Institution for Transforming India Aayog.
  • Formed in Jan. 2014
  • Government of India policy
  • Headquarter –News Delhi.
  • Established by PM Narendra Modi after having dissolved the Planning Commission.
  • Chairperson- Prime minister Narendra Modi

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