The government has yet not decided on public sector banks privatization, according to the Minister of State for Finance Bhagwat Karad as he informed Parliament on Monday.
Bank Privatization Yet Not Confirm
In a written reply to the Lok Sabha, Karad said “As per inputs received from the Department of Investment and Public Asset Management (DIPAM), the government has not yet decided on the banks that are to be privatized. The amendments to the relevant Acts are required to be done before initiating the process of privatization,”.
During Budget 2021-22, the government had announced its intent to privatize two public sector banks (PSBs) during the year.
Further, the Minister of State for Finance said that the government has received representations from bank unions wherein they have expressed their views and concerns on the matter of privatization of banks.
Adding that, “DIPAM has informed that the representations with regard to strategic divestment of CPSEs and banks received from various stakeholders including the employee’s unions from time to time are duly examined as per the extant disinvestment policy of the government.”
Decline In Fraud Cases
According to him, as many as 73,552 cases of frauds involving Rs 2.51 crore were received by banks during 2019-20 in response to another question.
During 2020-21, the number declined to 69,818 cases involving Rs 2.07 crore according to the RBI data on frauds reported by Scheduled Commercial Banks in the category of fraud ‘Card/Internet – Debit Cards, Credit Cards and Internet Banking’.
He said that of the cases relating to cheating in the name of Covid vaccinations/booster dose, 5 complaints have been received by PSBs during the years 2019-20 and 2020-21, as per information received from PSBs,”.
As part of the Pradhan Mantri Mudra Yojana, institutional collateral-free credit of up to Rs 10 lakh is provided by Member Lending Institutions (MLIs) for entrepreneurial activities to micro/small businesses.
It includes individuals, which help in creating income generating activities in sectors such as manufacturing, trading, services and also for activities allied to agriculture, as per his reply to another question.
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