Nirmala Sitharaman, the finance minister, stated that the privatization of public-sector financial institutions especially banks will proceed as planned. Regarding bank privatizations, they will proceed as planned. Sitharaman reaffirmed this position in Mumbai, Maharashtra yesterday.
Sitharaman stated in the 2021 Budget address that the government would seek to privatize two banks in the public sector in 2021-22.
In addition to IDBI Bank, we want to privatize two more PSU banks along with a general insurance firm in 2021-22. This requires changes to the law, and I want to bring such changes during current Session itself,” Sitharaman said back in February 2021.
Recent reports indicate that the government may establish a committee to produce a new list of state-owned institutions that can be privatized.
Major PSU Banks are –
State Bank of India
Bank of Baroda
Bank of India
Bank of Maharashtra
Indian Bank
Union Bank of India
Central Bank of India
Indian Overseas Bank
Punjab & Sind Bank
Punjab National Bank
UCO Bank
Canara Bank