Government Will Amend Two Laws For The Privatization

Government will amend two laws for the privatization of public sector banks, know what is the whole matter.

The government will amend two laws this year to facilitate the process of privatization of public sector banks. Sources have given information about this.

The government has stated that the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 would require amendment for the privatization of banks.

According to sources, on the basis of these Acts, banks were nationalized in two phases and for the privatization of banks, various provisions of these laws will need to be changed.

Sources informed that the government has already released the list of legislative functioning of the budget session.

In such a situation, it is expected that these amendments can be brought in the monsoon session or the subsequent session.

The current budget session will bring 38 bills including Finance Bill 2021, Supplementary Demands for Grants for 2020-21.

Appropriation Bill, Financing Infrastructure and Development (NaBFID) Bill, 2021, and Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

Finance Minister Nirmala Sitharaman, while presenting the budget for FY 2021-22, had estimated that the government could raise Rs 1.75 lakh crore through disinvestment of public sector banks.

She had said, “Apart from IDBI Bank, we propose the privatization of two public sector banks and one general insurance company in 2021-22.”

During an interaction after the budget, the Finance Minister had said that the government would work closely with the Reserve Bank to implement the proposed privatization of banks in the Union Budget 2021-22.

Prime Minister Modi to address budget-related webinar today, representatives of financial organizations will be included

Prime Minister Narendra Modi will address a webinar to discuss the roadmap prepared for effective implementation of the Union Budget 2021-22 in the infrastructure sector at 4 pm today.

A statement issued by the PMO said that the webinar will be attended by 200 people, including representatives from major financial institutions, representatives of concessions and contractors, consultants, and subject matter experts.

The panelists included in this webinar will share their views on improving the speed and quality of infrastructure development. The main goal of the event is to focus on better technology and attract more investment in the region.

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