PTI

New Delhi, May 25

The authorities is on target with the privatisation of two public sector banks (PSBs) and can take acceptable steps within the coming months, sources stated.

In the Union Budget for 2021-22, the federal government introduced its intent to take up the privatisation of two PSBs within the 12 months and authorized a coverage of strategic disinvestment of public sector enterprises.

According to sources, the federal government is dedicated to the privatisation of two public sector banks and it’s on target.

Besides, sources additionally stated the divestment of BPCL can also be on the cardboard and recent bids shall be invited.

The authorities needed to cancel the sale as solely a single bidder was left within the fray, sources stated.

The authorities had deliberate to promote its whole 52.98 per cent stake in Bharat Petroleum Corporation Ltd (BPCL) and invited Expression of Interest from bidders in March 2020. At least three bids got here in by November 2020 however just one stays now after the others withdrew from the race.

On the strategic sale of Container Corporation of India (Concor), sources stated, there are some points and the method can be undertaken after these are resolved.

The Cabinet, in November 2019, had authorized the strategic sale of a 30.8 per cent stake, together with administration management, in Concor out of the federal government fairness of 54.80 per cent. The authorities will retain 24 per cent stake post-sell-off however with none veto powers.

The authorities think-tank NITI Aayog has already prompt two banks and one insurance coverage firm to the Core Group of Secretaries on Disinvestment for privatisation.

According to sources, Central Bank of India and Indian Overseas Bank are possible candidates for privatisation.

As per the method, the Core Group of Secretaries, headed by the Cabinet Secretary, will ship its advice to Alternative Mechanism (AM) for its approval and finally to the Cabinet headed by the Prime Minister for the ultimate nod.

The members of the Core Group of Secretaries embody financial affairs secretary, income secretary, expenditure secretary, company affairs secretary, authorized affairs secretary, Department of Public Enterprises secretary, Department of Investment and Public Asset Management (DIPAM) secretary and an administrative division secretary.