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Talks underway to privatise some public sector banks

Punjab & Sind Bank, Bank of Maharashtra, IOB among PSU banks that could be privatised.

By Dinesh Narayanan and MC Govardhana Rangan, ET Bureau |Updated: June 03, 2020, 08.06AM IST
New Delhi | Mumbai: The government has taken baby steps toward privatising one or more state-run banks to make them stronger, likely undoing a legacy that started with the nationalisation of banks in 1969, said three people familiar with the plans. A select group of top government functionaries has begun discussions on the proposal that originated from state-backed think
Bank of India to make it the fifth biggest state-owned bank. The merger of Allahabad Bank with Indian Bank will create a lender with a strong franchise in the south and east. Furthermore, IDBI Bank was privatised with Life Insurance Corp owning a majority stake, which can be sold to any bidder without parliamentary approval, said the people cited above.

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