Privatisation push: Centre considers bringing PSBs under Companies Act

The government is considering bringing public sector banks (PSBs) under the Companies Act to enable the privatisation of two state-owned banks, as announced in the Budget.   The finance ministry is holding discussions to bring legislative amendments, and is considering bringing the two public sector banks (PSBs) out of the purview of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.   This would lead to such banks being brought under the Banking Regulation Act and Companies Act, .....

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