In the last few months, there has been a lot of improvement in the health of banks, especially public sector banks. Many public sector banks have now become profitable. After the earlier privatization, the number of public sector banks has also reduced. Economic Times has given this news.

These banks were identified for privatization

In April 2021, NITI Aayog had recommended the privatization of Central Bank of India and Indian Overseas Bank to the Disinvestment Department. But, the final decision could not be taken in this regard. An official told ET, “A committee may be formed to identify banks for privatization. It will include medium and small-sized banks.

Based on their performance, a decision will be taken to sell the government’s stake in them.” During this time their bad loan portfolio including other parameters will also be taken care of.

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Representatives of these departments will be in the panel

The panel could have officials from the Department of Investment and Public Asset Management (DIPAM), RBI and NITI Aayog. A government official said, “Privatization of banks is very high on the agenda. Now all the banks are profitable. So it is necessary to re-think which banks could interest potential investors.” It is expected that the process of privatization will focus on 12 small banks. These include Bank of Maharashtra and UCO Bank. At present, big banks will not be considered.

The finance minister had announced the privatization of two banks.

Finance Minister Nirmala Sitharaman in her budget speech of 2021 had announced the privatization of two banks under the disinvestment program of the government. The government had also prepared the Banking Laws (Amendment) Bill 2021. But, it has not yet been presented in the Parliament.

Plan to make big bank by merging small banks

The government has so far adopted the policy of merging small public sector banks to form big banks. Under this policy, many small banks have been merged with big banks in the last few years. Allahabad Bank, Andhrabank, Syndicate Bank are examples of this.

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This is believed to be a sign of increasing work pressure on bank employees. Employees have also been asked to work during holidays and weekends. This circular has come at a time when the discussion about five days week for work in banks started.

Instructions to work even on holidays

The Delhi-based Divisional Head Office of Punjab National Bank (PNB) has issued a circular. It was sent to all branch heads. It was said that the bank is going to start a campaign on March 5 (Sunday). Its purpose is to generate leads for MSMEs. In this, all branch heads and employees were asked to visit potential customers and collect leads for MSME and retail sector lending. It was also said that SSME and retail loans are very important for our bank. These help in earning a sustainable source of income by way of interest and fees. This also helps the bank to meet the priority sector lending target and enhance financial inclusion.

Increased pressure to achieve the target

“To support this campaign, you are requested to visit all potential customers with your team on 05.03.2023. You may bring good number of MSME/Retail leads,” PNB’s circular said. A similar circular was issued by the Bhogarai branch of UCO Bank in Odisha. In this, all the employees were asked to work every day (except Holi) in March.

In this circular issued by the Senior Branch Manager, it was said, “It is our prime responsibility to take the branch and the bank forward in such difficult times when growth is visible and it is possible for us to achieve our targets. We are in the last month. We are far behind our target. Especially in CASA and Advances, we are lagging behind in every segment.”

Instructions to senior officers to work till night

Similar instructions have also been issued by Indian Bank for the employees. A person with knowledge of the matter said on the condition of anonymity that the bank has told the employees that each one of us needs to make a special effort to achieve the targets given to us. The bank has asked its employees to work till late in the evening. A source said that zonal officers are asking senior branch officers to work till late night.

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