Privatisation of two public sector banks

The Union Budget has announced the privatisation of two public sector banks (in addition to IDBI Bank) and one general insurance company in the upcoming fiscal.

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It also announced a strategic sale/disinvestment policy for four strategic sectors — including banking, insurance and financial services — in which it will have a “bare minimum presence”.

In 2015, the government had suggested privatisation but the then RBI Governor did not favour the idea.