Categories: Business

Niti aayog recommends privatization of 3 PSU Bank

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Niti aayog recommends privatization of 3 PSU Bank

new Delhi. NITI Aayog has advised the government to privatize 3 public sector banks. These banks include Punjab and Sindh Bank, UCO Bank and Bank of Maharashtra. Along with this, the commission has also talked about merger of all rural banks and giving more exemption to NBFCs. The government will have to make some changes in the rules to privatize these banks. In fact, the government plans to reduce the number of state-run banks in the country to 5, so that a few big banks can be established instead of many smaller banks, which can compete with the big international banks in the coming times.

Along with this, the Commission has also recommended to create a postal bank, according to the Commission, to use the reach and convenience of more than 1.5 million postal outlets in the country, including all rural banks. This will enable financial services to reach every nook and corner of the country with the help of postal outlets. At the same time, NITI Aayog has advised that exemption should be given to the share of NBFC companies in the bond market.

This post was published on August 2, 2020 5:04 pm

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