Bill to Privatise Two Public Sector Banks To Be Introduced in Parliament

The bill will be one among the 26 bills which are scheduled to be introduced during the session.

Photo of a two-day nationwide strike, called by the United Forum of Bank Unions (UFBU), against the proposed privatisation of two state-owned lenders, in Kolkata, Tuesday, 16 March. Image used for representation.

(Photo: PTI)

The central government will introduce the Banking Laws (Amendment) Bill 2021 in the Winter Session of Parliament, commencing from 29 November, in order to privatise two public sector banks.

This bill will be one among the 26 bills which are scheduled to be introduced during the session.

As per the purpose of the bill, amendments need to be made in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980, and Banking Regulation Act, 1949, in order to privatise two public sector banks.

Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2021-22 had announced the privatisation of two public sector banks as part of the government's disinvestment drive to gain Rs 1.75 lakh crore in the current fiscal.

The Government of India is also slated to introduce 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', which seeks to make “a facilitative framework for creation of official digital currency to be issued by RBI”. It also seeks to prohibit all private cryptocurrencies in India.

Another important bill to be introduced during the session is the Union government's new Personal Data Protection Bill, which has received widespread backlash, with members of the Opposition calling it "Orwellian" in nature.