United Forum of Bank Unions convener Mahesh Mishra said the government wants to pass the Banking Reforms Bill in the current session of Parliament, paving the way for privatisation.
Bank unions stage protest against privatisation; plan to march towards Parliament in March
The interest rate of NCDs that hit the market this year was better than that of bank FDs. Photo: Mint
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. Updated: 19 Feb 2021, 02:31 PM IST PTI
Finance Minister Nirmala Sitharaman during her Budget speech earlier this month announced plans to privatise two public sector banks
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NEW DELHI :
Opposing government s privatisation plans, bank unions on Friday staged protest in all the state capitals and plan to march towards Parliament next month if their demands are not met, All India Bank Employees Association (AIBEA) said.
Centre to amend two legislations on privatisation of PSU banks
These Acts led to the nationalisation of banks in two phases and provisions of these laws have to be changed for the privatisation of banks, they said
PTI | February 16, 2021 | Updated 14:45 IST
As the government has already announced the list of legislative business for the Budget session, it is expected that these amendments may be introduced in the Monsoon session or later during the year, sources added
To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Privatisation of PSU banks: Govt to bring amendments to two legislations
Public sector banks accounted for ₹7.77 trillion of the total gross NPAs of the banking sector. Photo: Hemant Mishra/MintPremium
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. Updated: 16 Feb 2021, 02:03 PM IST PTI
Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks
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To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.