New Delhi: The government is preparing to privatize government companies (public sector undertaking-PSU) as well as government insurance companies and banks. According to information received from sources to CNBC Awaaz, ‘Except LIC and a non-life insurance company, the government can sell its entire stake in all other insurance companies in installments. Here, banks also have a plan for privatization. An agreement has been reached between the PMO, Ministry of Finance, and NITI Aayog on this, as well as the Cabinet draft note has been prepared.
According to this proposal, the government will keep LIC and a Non Life Insurace company with them. Explain that at present there are 8 government insurance companies. Apart from LIC, there are 6 General Insurance and one National Reinsurer Company.
Banks will also privatization- According to the news published in Money Control, all the banks except 6 government banks can be privatized. In the first phase, government stake in Bank of Maharashtra and Indian Overseas Bank can be sold.
All banks except 6 banks are proposed to sell government stake in banks in phases under the privatization plan. In the first phase, shares can be sold in 5 state-owned banks. First of all, the government can sell the government stake in Bank of Maharashtra, IOB. Privatization of Bank of India, Central Bank of India is also possible. Government stake can also be sold in UCO Bank.