The finance ministry is but to work out the modalities to hunt approval from lawmakers for the sale, leaving little time for the method to be accomplished this yr.

The Narendra Modi-led Union authorities’s makes an attempt to promote two public sector banks might get deferred to the monetary yr as no approval has been taken from Parliament for making adjustments in legal guidelines required to provoke the offers.

According to a Bloomberg report, the finance ministry is but to work out the modalities to hunt approval from lawmakers for the sale, leaving little time for the method to be accomplished this yr.

In February this yr, Finance Minister Nirmala Sitharaman had mentioned the federal government will search consumers for 2 state-run banks by March 2022. She made the assertion whereas presenting the Budget for the present monetary yr.

The report mentioned no spokesperson from the finance ministry was accessible for remark.

In June, authorities think-tank Niti Aayog had submitted a list of public sector banks which can be to be privatised within the present fiscal yr to the Core Group of Secretaries on Disinvestment.

The Central authorities’s plan to promote a majority stake within the nation’s second-biggest state refiner has additionally slowed down, and the transaction might solely happen early subsequent yr, Bloomberg had reported in July. The administration may nonetheless go forward with different asset gross sales, together with Life Insurance Corp. of India’s preliminary public supply, that might assist the federal government elevate funds to make up for any fall in tax revenues this yr.

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