New Delhi ⬤ Prime Minister Narendra Modi has directed the government to expedite the privatization of four public sector banks in the country. According to Reuters, Modi has instructed top officials to do the same. Shares of Punjab Sindh Bank, Bank of Maharashtra, UCO Bank and IDBI Bank will be sold soon. The majority stake in these banks is held by the Central Government.
According to Reuters, the Prime Minister’s Office has sent a letter to the Ministry of Finance requesting this. Shares of public sector companies and banks are being sold to meet budget expenditures as tax revenues have plummeted due to the coup. The central government had earlier initiated efforts to privatize the banks. The Prime Minister’s Office has directed that this be done soon.
Neither the Prime Minister’s Office nor the banks have yet commented on the matter. In the last few days, there have been reports that the number of public sector banks in the country is being reduced to five. This is followed by the latest news.