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Government now shortlists four state-run banks for privatisation

Government has now shortlisted four mid-sized state-run banks for privatisation. Shortlisted four banks are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India.

The shortlisted banks have a massive workforce. Bank of Maharashtra with 13,000, Bank of India with nearly 50,000, Indian Overseas Bank with around 26,000 and the Central Bank of India has 33,000 working staff. However, it will not be easy to handle the employees’ unions of these banks, as the unions of these banks are not happy with the government decision.

During the budget 2021, the Finance Minister Nirmala Sitharaman announced government's plan to privatise two state-run banks. It was assumed that the banks which are not in the list of mergers will undergo privatisation process. The government is in the process of merging 13 banks into five banks. Government has big plans of disinvesting in public sector banks to generate maximum revenues. Earlier, the government was considering only two public sector banks but now it plans to privatise four banks.


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