Indian Overseas Bank, Central Bank Shares Hit Record High
- ByStartupStory | June 22, 2021
Indian Overseas bank and Central Bank of India shares rise to 18 percent and 16 percent, respectively. The increase in price of shares happened amid reports that the government has shortlisted these banks for privatization. Central bank of India touched a 52-week high of Rs. 28.30 whereas Indian Overseas Bank on a 52-week high Rs. 27.95.
The Central Bank of India was quoting at ₹25.65, up ₹2.05 or 8.69 per cent and Indian Overseas Bank was quoting at ₹25.80, up ₹1.50 or 6.17 per cent on the BSE. On Monday, shares of Central Bank were locked in the up per circuit at ₹24.30 on the back of over two-fold jump in trading volumes and those of Indian Overseas Bank hit a 52-week high of ₹23.60 on NSE.
The government may amend the Banking Regulations Act and Banking Law Act during Parliament’s Monsoon session to privatize the two state-run banks. The move comes after Union finance minister Nirmala Sitharaman announced during her Budget 2021 speech in February that two public sector banks (PSBs) would be privatized in 2021-22.
The NITI Aayog has been given the responsibility of identifying suitable candidates for the privatization and has recommended names to a high-level panel headed by cabinet secretary Rajiv Gauba. Indian Overseas Bank, Central Bank of India, Bank of Maharashtra and Bank of India are some of the names that may be considered for privatization by the Core Group of Secretaries on Disinvestment.
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