High level meeting led by Cabinet Secretary was held recently, interests of bank employees including regulatory and administrative were also discussed in the meeting. | High level meeting led by Cabinet Secretary was held recently, interests of bank employees including regulatory and administrative were also discussed in the meeting.

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  • High Level Meeting Led By Cabinet Secretary Was Held Recently, Interests Of Bank Employees Including Regulatory And Administrative Were Also Discussed In The Meeting.

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The committee, headed by the Cabinet Secretary, includes secretaries from the Department of Economic Affairs, Revenue, Expenditure, Corporate Affairs and Legal Affairs besides the Administrative Department. The committee also includes secretaries from the Department of Public Enterprises (DPE) and the Department of Public Asset and Management (DIPAM).

The government is continuously working on privatization of two public sector banks. In this direction, a high level meeting was held recently under the leadership of the Cabinet Secretary. Various regulatory and administrative issues were discussed in the meeting. So that this proposal can be placed with the Group of Ministers on Disinvestment or Alternative Mechanism (AM) for approval.

The interests of bank employees were also discussed.
According to sources, the recommendations of NITI Aayog were considered in this high level meeting held on June 24. This committee will send the names of Central Bank of India and Indian Overseas Bank to AM after removing all the shortcomings in this regard. In the meeting, the Committee also discussed issues related to protection of interests of employees of banks prone to privatization.

Regulatory changes will be made after approval from the cabinet
After the approval of the AM, the matter will be sent to the Union Cabinet headed by the Prime Minister for final approval. Regulatory changes necessary for privatization will be made after the approval of the cabinet.

The committee, headed by the Cabinet Secretary, includes secretaries from the Department of Economic Affairs, Revenue, Expenditure, Corporate Affairs and Legal Affairs besides the Administrative Department. The committee also includes secretaries from the Department of Public Enterprises (DPE) and the Department of Public Asset and Management (DIPAM).

Big announcements were made on privatization in the budget speech
Finance Minister Nirmala Sitharaman had announced this in the budget speech of 2021, after which the NITI Aayog in April recommended the names of some banks for privatization to the Group of Secretaries on disinvestment headed by the Cabinet Secretary.

Government will sell stake in two public sector banks and one insurance company
In his speech on February 1, the Finance Minister had talked about privatization of two public sector banks and a general insurance company. Explain that the government plans to raise Rs 1.75 lakh crore in the current financial year (2021-22) by selling its stake in public sector banks and companies.

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