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Public Sector Bank Privatisation: Central Bank of India, Indian Overseas Bank Recommended By Niti Aayog, Says Report

·1-min read

The Union Government may sell its stake in the Central Bank of India and Indian Overseas Bank (IOB) as part of its disinvestment initiative in two public sector banks and one general insurance company in the year 2021-22, as announced in the Union Budget in February.

These two bank's names have been submitted for disinvestment by National Institution for Transforming India (NITI) Aayog. Bank of India (BoI) may be a likely candidate for sale, sources familiar with the discussions told the reporter.

The proposal from the NITI Aayog is being evaluated by the disinvestment and financial services departments, ministry sources stated as per a report in Times of India.

Sources in the Department of Investment and Public Asset Management (DIPAM) said it would consider the names with the Department of Financial Services and review the legislative changes required for the privatisation.

The Cabinet recently cleared the proposal for the sale of government stake in IDBI Bank.

IOB and Central Bank are together valued at around Rs 44,000 crore, with IOB's market cap estimated at Rs 31,641 crore as per the current share price,