IOB, CBI deny rumour of bank privatisation

The clarification comes a day after Centre’s legislative agenda for Winter Session listed tabling of Banking Laws (Amendment) Bill 2021.

Published: 25th November 2021 09:04 AM  |   Last Updated: 25th November 2021 09:04 AM   |  A+A A-

Indian Overseas Bank

Indian Overseas Bank (File photo)

By Express News Service

NEW DELHI: Indian Overseas Bank (IOB) and Central Bank of India (CBI) on Wednesday denied receiving any communication from the centre government regarding privatisation of these two banks,  as the shares of the two state-owned banks rallied up to 20% amid reports that the two financial institutions might be privatised.

“As regards the captioned media news, we do not have any information on privatisation of the Bank as on date. There is no such negotiation/event taking place at the Bank,” Central Bank of India said in a regulatory filing. IOB said, “...We inform that we have not received any communication regarding privatisation of Bank from DFS/Government of India and we are unaware of the reasons for the sudden movement in stock price. It may be due to speculation.”

The clarification comes a day after Centre’s legislative agenda for Winter Session listed tabling of Banking Laws (Amendment) Bill 2021. “The bill seeks to effect amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949 in the context of Union Budget announcement 2021 regarding privatisation of two Public Sector Banks,” it read.

Bank shares rally 
Meanwhile, the shares of the two state-owned banks rallied up to 20% amid the reports that the two financial institutions might be privatised

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