Arundhati Bhattacharya: Arundhati Bhattacharya, former head of State Bank of India, has given a giant assertion concerning the need of public sector banks within the nation. Arundhati Bhattacharya mentioned that India wants fewer however robust public sector banks and small PSBs may be privatized or merged with any financial institution.
Privatization is not the answer to all illnesses
Bhattacharya additionally mentioned that the targets which can be anticipated to be achieved by way of privatization of public sector banks can truly be achieved by strengthening public sector banks and giving them equal alternatives. He mentioned that privatization can by no means be the reply to all illnesses.
Subbarao mentioned this factor
Recently, former RBI Governor Subbarao had made an analogous suggestion. He had mentioned that the federal government ought to come out with a 10-year street map for the privatization of all public sector banks. This will assist the stakeholders quite a bit.
Merger of 10 public sector banks
In the 12 months 2020, 10 huge nationwide banks have been merged into 4 huge authorities banks by the federal government, attributable to which the variety of PSBs within the nation has come all the way down to 12. In the overall finances 2021-22, the central authorities has introduced 2 PSB privatization within the 12 months. Along with this, the coverage of strategic disinvestment of public sector firms has been authorised. Government suppose tank NITI Aayog has already recommended privatization of two banks and one insurance firm.
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