{"id":16274,"date":"2020-08-20T08:55:59","date_gmt":"2020-08-20T08:55:59","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=16274"},"modified":"2020-08-20T08:55:59","modified_gmt":"2020-08-20T08:55:59","slug":"4-psu-banks-to-become-private-by-end-of-this-year-govt-draws-list-of-these-names-for-stake-sale","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=16274","title":{"rendered":"4 PSU banks to become private by end of this year; govt draws list of these names for stake sale"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2020379 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660.jpg\" alt=\"Punjab &amp; Sind Bank, uco bank, bank of maharashtra, bank merger\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2020379 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660.jpg\" alt=\"Punjab &amp; Sind Bank, uco bank, bank of maharashtra, bank merger\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2020379 size-full\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660.jpg\" alt=\"Punjab &amp; Sind Bank, uco bank, bank of maharashtra, bank merger\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660.jpg 660w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/07\/PunjabSindBank_660-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\">The PMO had written a letter to the Ministry of Finance to accelerate the process of privatisation.<\/span><\/figure>\n<\/div>\n<p><span style=\"font-weight: 400;\">The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab &amp; Sind Bank, <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/bank-of-maharashtra-stock-price\/\" rel=\"noopener noreferrer\">Bank of Maharashtra<\/a>, <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/uco-bank-stock-price\/\" rel=\"noopener noreferrer\">UCO Bank<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/idbi-bank-ltd-stock-price\/\" rel=\"noopener noreferrer\">IDBI Bank<\/a>, in which it directly or indirectly holds majority stakes, and wants to disinvest equity. Senior officials told Reuters that the move is made in an effort to generate government revenue, which is severely hit amid the coronavirus crisis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Recently, the PMO had also written a letter to the Ministry of Finance to accelerate the process of privatisation. In order to raise funds and improve the financial health of the state-owned banks, the government aimed to keep stakes in only five PSU banks, and privatise the rest of them, Reuters had reported.<\/span><\/p>\n<p><strong>Also Read:\u00a0<a href=\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/banks-likely-to-restructure-loans-up-to-rs-8-4-lakh-crore-heres-what-to-learn-from-past\/2059880\/\" target=\"_blank\" rel=\"noopener noreferrer\">Banks likely to restructure loans up to Rs 8.4 lakh crore; here\u2019s what to learn from\u00a0past<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The story of bank mergers and acquisitions is quite old. In recent years, the Indian banking system has seen many mergers and acquisitions. In March 2020, the Union Cabinet had approved the merger of 10 public sector banks into four, paving the way for the largest consolidation among state-owned lenders. <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/punjab-national-bank-stock-price\/\" rel=\"noopener noreferrer\">Punjab National Bank<\/a> took over the <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/oriental-bank-of-commerce-stock-price\/\" rel=\"noopener noreferrer\">Oriental Bank of Commerce<\/a> and the United Bank; <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/canara-bank-stock-price\/\" rel=\"noopener noreferrer\">Canara Bank<\/a> took over <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/syndicate-bank-stock-price\/\" rel=\"noopener noreferrer\">Syndicate Bank<\/a>; <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/union-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">Union Bank of India<\/a> took over <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/andhra-bank-stock-price\/\" rel=\"noopener noreferrer\">Andhra Bank<\/a> and <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/corporation-bank-stock-price\/\" rel=\"noopener noreferrer\">Corporation Bank<\/a>; <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/indian-bank-stock-price\/\" rel=\"noopener noreferrer\">Indian Bank<\/a> was to be merged with <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/allahabad-bank-stock-price\/\" rel=\"noopener noreferrer\">Allahabad Bank<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, in 2017, five associate banks and Bhartiya Mahila Bank were merged into <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">State Bank of India<\/a>; and in 2018, it was decided to merge <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/bank-of-baroda-stock-price\/\" rel=\"noopener noreferrer\">Bank of Baroda<\/a> with Vijaya Bank and Dena Bank. The government also allowed Life Insurance Corporation of India to take over 51 percent equity in IDBI Bank Ltd., which technically privatised it. The banking system, under a heavy load of NPAs, has also been mulling the possibility of bad banks. The Indian Banks\u2019 Association (IBA) had submitted a proposal to the finance ministry and the Reserve Bank of India (<a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/tag\/rbi\/\" rel=\"noopener noreferrer\">RBI<\/a>) earlier this year to set up a \u2018bad bank\u2019 for approximately Rs 75,000 crore worth of non-performing assets (NPAs).<\/span><\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/4-psu-banks-to-become-private-by-end-of-this-year-govt-draws-list-of-these-names-for-stake-sale\/2060442\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The PMO had written a letter to the Ministry of Finance to accelerate the process of privatisation. The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16275,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-16274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/PunjabSindBank_660.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16274"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/16275"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}