The Ministry of Finance states, rumours alleging that People’s Bank is to be privatized are totally baseless.

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The Ministry of Finance states, rumours alleging that People’s Bank is to be privatized are totally baseless.
The government emphasizes, no such ‘privatization process’ will take place through the Bill to Amend the People’s Bank Act, which has been presented to Parliament.
The People’s Bank Act clearly states, shares of People’s Bank cannot be sold except to Co-operative Societies or to the Secretary to the Treasury. As the 13th Clause of the People’s Bank Act will not undergo amendments when the Bill to Amend the People’s Bank Act is taken up for debate in Parliament this week, ‘privatization’ will not happen.
The four clauses of the Act that will undergo revision, will only increase the authorised capital limit from one billion rupees to 50 billion rupees.

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