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Business News/ Industry / Banking/  Privatisation of PSBs: RBI in discussions with govt, says Shaktikanta Das
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Privatisation of PSBs: RBI in discussions with govt, says Shaktikanta Das

'We are under discussion with govt on privatisation of PSBs, the process will go forward,' said RBI Governor at the India Economic Conclave

RBI chief Shaktikanta Das. (Bloomberg)Premium
RBI chief Shaktikanta Das. (Bloomberg)

Reserve Bank of India (RBI) Governor Shaktikanta Das today said that the central bank is in discussions with the government on the privatisation of Public Sector Banks (PSBs) and that the process will go forward. In her Budget Speech on February 1, Sitharaman had announced that the government will privatise two more public sector banks going forward.

"We are under discussion with govt on privatisation of PSBs, the process will go forward," said RBI Governor at the India Economic Conclave.

On Tuesday, Finance Minister Nirmala Sitharaman said the interest of all employees of state-owned banks which are likely to be privatised will be protected.

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Replying to a query during a press conference, she clarified that public sector presence will continue in the banking space.

Even for those who are likely to be privatised, Sitharaman said the government will ensure that "this privatised institution will also continue to function. After the privatisation, we will also have to ensure that the staff or the personnel who are there, their every interest will be protected."

The government has already privatised IDBI Bank by selling its majority stake to LIC in 2019 and has merged 14 public sector banks in the last four years.

Privatisation of two public sector banks can impact their ratings as the government support to the two entities will disappear, India Ratings and Research said on Wednesday.

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Published: 25 Mar 2021, 12:03 PM IST
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