With a focus on the mega LIC IPO scheduled for this fiscal, the govt may postpone plans to privatise one general insurer and two banks this year as per reports.
General Insurance Business (nationalisation) Act 1972 has been given a miss for this parliament session and sources told Moneycontrol.com that finance ministry is looking the privatisation plan for 2022-23 as it requires many details yet to be formalised to ensure job security and smooth transition.
As per reports Central Bank of India and Indian Overseas Bank had been shortlisted for privatisation. The insurance company, as yet unidentified, could be one among National Insurance, United India Insurance and Oriental Insurance.