ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Public Bank Privatisation in a Post-truth World

The Narendra Modi government appears to have decided to privatise public sector banks (PSBs). Preparations are underway with arguments being marshalled that there is no alternative to privatisation. Noises of this kind have emanated often from the Reserve Bank of India (RBI) and government spokespersons, but opposition from the unions and democratic forces inside and outside Parliament have made them just thatnoises. Creeping disinvestment was the answer, but control has remained with the state. But now the advocates are getting pushy. While the governor of the RBI and the finance minister have made addressing the problem of weak banks and dealing with non-performing assets (NPAs) the main economic challenges facing the country, the recently appointed deputy governor of the RBI, Viral Acharya, appears to have taken on the task of laying out the road map to reprivatisation of public banks, the time for which has possibly finally come.

Usual Argument

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Published On : 20th Jan, 2024

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