Ministry of Finance

Privatisation of Companies

Posted On: 16 MAR 2020

The Government has given ‘in-principle’ approval for Privatisation of 24 CPSEs including Subsidiaries, Units and Joint Ventures with sale of majority stake and transfer of management control.

This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

The Government follows a policy of strategic disinvestment of CPSEs, which are not in ‘priority sectors’. For this purpose, NITI Aayog has been mandated to identify such CPSEs based on the criteria of (i) National Security; (ii) Sovereign function at arm’s length, and (iii) Market Imperfections and Public Purpose.

Strategic disinvestment of CPSEs is being guided by the basic economic principle that Government should discontinue in sectors, where competitive markets have come of age and economic potential of such entities may be better discovered in the hands of strategic investor due to various factors such as infusion of capital, technological upgradation and efficient management practices; and would thus add to the GDP of the country.

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Ministry of Finance

Fake Currency

Posted On: 16 MAR 2020

As per data of National Crime Records Bureau (NCRB), there is declining trend in Fake Indian Currency Notes (FICN) seized during the years 2017, 2018 and 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

Giving more setails, Shri Thakur stated that the Government of India has taken various measures to check the smuggling and circulation of FICN in the country, which inter alia, include:

a. FICN Coordination Group (FCORD) has been formed by the Ministry of Home Affairs to share intelligence/information among the security agencies of the state/centre to counter the problem of circulation of fake currency cases.

b. A Terror Funding and Fake Currency Cell (TFFC) has been constituted in NIA to investigate terror funding and fake currency cases.

c. A Memorandum of Understanding (MoU) has been signed between India and Bangladesh to prevent and counter smuggling and circulation of fake currency notes.

d. Security at the international borders has been strengthened by using new surveillance technology, deploying additional manpower for round the clock surveillance, establishing observations posts along the international border, erection of border fencing and intensive patrolling.

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Ministry of Finance

Bank Mergers

Posted On: 16 MAR 2020

The objective of amalgamation of the banks is to facilitate consolidation among Public Sector Banks (PSBs) to create strong and competitive banks capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering for customers.

This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

The amalgamation of Vijaya Bank and Dena Bank into Bank of Baroda (BoB) was effected on 1.4.2019. As per the input received from BoB, the total number of branches of the amalgamating banks i.e. BoB, erstwhile Dena Bank (eDB) and erstwhile Vijaya Bank (eVB), as on 31.3.2019, was 9,447 which increased to 9,481 branches as part of the amalgamated entity, as on 29.2.2020, and the rural branches too increased from 2,930 to 2,934 during this period.

Shri Thakur further stated that BoB has apprised that the rural footprint of the amalgamated bank has also increased since amalgamation and with the increased reach and enhanced business engagement with the rural people and farmers, visible gains are incurred including, inter alia, priority sector lending has increased by Rs. 4,253 crore to Rs. 2,23,128 crore, as on 31.12.2019, the cumulative balance of Kisan Credit Cards, increased by Rs 1,796 crore to Rs 38,325 crore, as on 7.3.2020, and in 11 months since amalgamation agriculture loan disbursements have increased by Rs. 46,690 crore and access to credit through overdraft amount advanced to the Pradhan Mantri Jan Dhan Yojana accounts has increased by Rs 11.38 crores.

Source- https://pib.gov.in

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