The central government has selected four state-run banks for privatization. The banks which have been selected for privatization include Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India. According to a Reuters report, the privatization of two banks in these four could happen in the next financial year i.e. 2021-22. However, the government has not yet formally made public the names of the private banks.
Sources have been quoted as saying that the central government can take steps ahead of small banks for bank privatization, because this will give the public an idea of what kind of problems will be faced in the privatization of banks, because this step It is full of risk from the government. Since the privatization of banks is a danger of people losing their jobs, this is why bank unions are opposing it. Sources also said that the process of selling to big banks may also start in the coming years.