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Preparation for amendment in banking law for privatization of two public banks

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Preparation for amendment in banking law for privatization of two public banks

New Delhi, Nov 25 (PTI) The government is set to introduce the Banking Laws Amendment Bill in the winter session of Parliament beginning Monday to ease the way for privatization of two public sector banks.

Finance Minister Nirmala Sitharaman had announced the privatization of two public sector banks (PSBs) under the disinvestment program while presenting the budget for 2021-22 in February this year. The target has been set to raise Rs 1.75 lakh crore from disinvestment in the current financial year.

Sources said the minimum government stake in PSBs is likely to be reduced from 51 per cent to 26 per cent through the Banking Laws (Amendment) Bill, 2021, to be introduced during the session.

However, he said that the final decision on the timing of introducing the bill would be taken by the cabinet.

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