There is always a buzz around bank privatisation. Every budget is surrounded by anticipation on why PSU is likely to be privatised, particularly state-run banks. Policymakers have often dwelt on the subject.
Recently, a policy paper authored by Poonam Gupta, NCAER Director General and member of the Economic Advisory Council to the Prime Minister (PMEAC), and Arvind Panagariya, former NITI-Aayog Vice Chairman and Columbia University professor, recommended the privatisation of all public sector banks (PSBs) except State Bank of India. Earlier, NITI-Aayog had recommended the privatisation of three PSB — Bank of Maharashtra, Indian Overseas Bank and Punjab and Sind Bank. In 2021, Finance Minister Nirmala Sitharaman, in her budget speech, indicated that two banks would be privatised.
Meanwhile, bank employee unions have been protesting vociferously against the privatisation plans, even resorting to strikes.
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