Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
No merger but PSB privatization still on cards
Banking
New Delhi: The Centre has no plans to merge public sector banks (PSBs) in FY25 but will continue with privatization efforts, according to sources. Currently, there are no proposals to merge more PSBs, though the government is keen on completing the IDBI Bank divestment during FY25. \r
Mergers, primarily in 2019-2020, reduced India's PSBs from 27 to 12, strengthening their financial health. The government, owning over 45% of IDBI Bank, alongside LIC’s 49.24%, plans to sell a 60.7% stake. A new panel may revisit the privatization strategy for profitable PSBs with reduced bad loans. \r
Finance Minister Nirmala Sitharaman had announced plans to privatize two PSBs and a general insurance firm in the 2021-22 Budget.
