Central Bank, IOB up for privatisation?

The Centre may sell its stake in Central Bank of India and Indian Overseas Bank () as part of its mega privatisation initiative unveiled in the Union Budget in February. While the two banks have been recommended for disinvestment by government think tank NITI Aayog, (BoI) may be a potential candidate for sale, sources familiar with the deliberations told TOI.

The proposal from the government think tank is being vetted by the disinvestment and financial services departments, ministry sources said. The exercise is part of a multi-stage process for finalising entities that are to be taken up for privatisation.

While NITI Aayog has been tasked with recommending the names, it is then reviewed by the inter-ministerial group of officers and subsequently by a group of ministers, before the Union cabinet puts its seal of approval.