WhatsApp Image 2023-02-26 at 9.49.20 AM (1)
WhatsApp Image 2023-02-26 at 9.49.20 AM

IOB, CBI heading for divestment?

Kochi: There are reports of the Centre planning to sell a part of its stakes in the Central Bank of India and Indian Overseas Bank this Parliament session.

The banking laws (amendment) bill 2021 is likely to be introduced in the winter session to offload 51 per cent of stakes in the banks, media reports said. The government had named these banks in the budget for divestment.

The shares of these banks surged upto 20 per cent in the BSE on Wednesday in the wake of media reports of divestment.

Meanwhile, the bank authorities said that they have not received any intimation in this regard.

The government had announced its plans to raise about Rs 1.75 lakh crore through divestment of government shares in public sector units.

The divestment of BPCL, Shipping Corporation of India got delayed due to COVID pandemic while Air India was grabbed by the Tata group.

Picture Credit: Facebook

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