
Dr. Arvind Panagariya, Chairman of the 16th Finance Commission of India and former Vice Chairman of NITI Aayog, recently supported the privatization of public sector banks in India. He expressed this view during the Business Today Banking & Economy Summit, stating that once the current government returns to office after the general elections, privatization should be on their agenda.
Dr. Panagariya highlighted that the public sector banks in India have overcome their previous challenges of high levels of non-performing assets (NPAs) through government funding and are now in good health. He believes that this is an opportune time to privatize these banks, as they are performing well and have healthy asset books.
According to Dr. Panagariya, the privatization process would be gradual and not all banks would be privatized at once. He emphasized the need for commercial pressure to make the banking sector more efficient, similar to other industries. He suggested that as the privatization progresses, the performance of the privatized banks can be compared to those that remain under government ownership, and decisions can be made accordingly.
Dr. Panagariya acknowledged that while the previous crisis of NPAs has been resolved, the nature of finance is unpredictable, and there is a possibility of future challenges. He believes that privatization is necessary to ensure the efficiency and stability of the banking sector.
It is important to note that Dr. Arvind Panagariya is an Indian-American economist who served as the first Vice Chairman of NITI Aayog from January 2015 to August 2017. He is currently a professor of economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University.
Let the government be made private pls suggest on this too
Excellent 😃
What does he mean PSBs are not like a private shops to be soled using public money . It is but a foolhardy idea
What about service to poor and underprivileged? Who take the Govt schemes to public? Pvt banks for salaried and business people only. They won’t serve laymen with accout balance of 250/-. Today What you see a Viksit Bharath, its due to govt banks service to downtrodden. Need more assessment o hour decision.
Govt ko private kr do..
completely disagree
We need a private government first
Private banks encourages supply demand Gap. The informal economy which is grow when spending ability of common man increases. I am completely intrigued by the hypocrisy of Mr Panagariya. What he is trying to prove is not clear in this report. Please ask him to be more specific in his logic.
Not necessary It is now running nicely why do u unnecessarily disturb honeycomb
Who are You?
Are you hailing from Backward/ Economically, educationly, Socially weaker section ?
Are you know about pain and suffering of Socially affecting Society?
Are you Economist ?
Are you know the Value of Economist ?
As per my assessment you have to put in dustpin
Bankers don’t vote for modi