FACT CHECK: Is Niti Aayog Planning to Privatise SBI, PNB? Here’s The Truth

"Several media reports claim that a list has been shared by Niti Aayog on the privatization of Public Sector Banks. The claim is fake. No such list has been shared by Niti Aayog in any form", PIB tweeted.

FACT CHECK: A fake report claiming that NITI Ayog is contemplating the privatisation of public sector banks including the country’s largest lenders SBI and PNB are doing rounds on social media. Moreover, the report stated that the government think tank has also released a list of public service banks not to be privatised.

When the Press Information Bureau (PIB) conducted a fact check, the viral post also turned out to be fake. “Several media reports claim that a list has been shared by Niti Aayog on the privatization of Public Sector Banks. The claim is fake. No such list has been shared by Niti Aayog in any form”, PIB tweeted.

CLAIM: A list has been shared by Niti Aayog on the privatization of Public Sector Banks.

FACT: No such list has been shared by Niti Aayog  in any form.

Several media reports claim that a list has been shared by Niti Aayog on the privatization of Public Sector Banks#PIBFactCheck

▶️This claim is #Fake

▶️No such list has been shared by @NITIAayog in any form.

🔗https://t.co/HOQDDDoMS8 pic.twitter.com/ZDETUQjAJ5

— PIB Fact Check (@PIBFactCheck) January 6, 2023

Privatisation of Banks

Earlier on December 19, the government had said it will take a view on privatisation of Public Sector Banks (PSBs) after consultation with the concerned department and regulator. Consideration of issues related to disinvestment and decision on selection, terms and conditions, etc. in case of strategic sale is entrusted to the Cabinet committee designated for this purpose under the Government of India (Transaction of Business) Rules, 1961, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha.

India doesn’t need so many public sector banks, says former SBI chief. “Before such consideration for decision thereon, consultation is undertaken with the Ministries and departments concerned and, where necessary, with the regulator concerned,” he said. A bank is classified as a Public Sector Bank (PSB) or a Private Sector Bank (PVB) by the Reserve Bank of India (RBI).