Soon after the Finance Minister of India Smt. Nirmala Sitharaman announced privatization of public sector bank, during Budget 2021 presenting. Speculation started raising for the bank names which would be in the list of being privatized. Thus, Ministry of finance has finally shortlisted 4 mid size state run bank to be privatized this coming year. These shortlisted name are Bank of Maharashtra, Central Bank of India, Bank of India & Indian overseas Bank. Earlier Finance ministry had laid plans to privatize only two public sector banks but now the number has surged to four.
During 2021 budget presentation, Finance Minister Smt. Nirmala Sitaraman announced privatisation of two banks other than IDBI. It was expected that the banks which were not in the list of mergers would be the one to be privatized. The government is already began the process to merge 13 public sector banks into five.
India’s Finance Minister, Smt. Nirmala Sitaraman, earlier announced privatisation of two public sector banks during budget 2021. After that finance analyst, considered Bank of Maharashtra & Punjab and Sindh Bank to be probable candidate in race of being privatized.
Bank of Maharashtra, Central Bank of India, Indian overseas Bank & Bank of India are shortlisted for merger because they were kept out of merger list.