The Information about Privatization of Central Bank is FAKE!

The Union Budget for 2021-22 included the privatisation plan of several of several non-financial state-owned entities. Recently various new reports claimed that the Indian Government is executing the privatization of the supreme bank, Central Bank of India. But now, our Fact Finding Team has found the release letter from the Central Bank which clarified that the Central Bank will stay a public sector bank and will perform under the government.

The false information about the privatization led to the rise of shares of the Bank upto 20 percent on the BSE in the intra-day trade on Wednesday. But now, the Apex Bank has made a press release obeying the clause 30 0f SEBI which states that the entity should make disclosures of any information or events that is important related to Indian capital and securities market.

The letter to the BSE Limited stated, “We inform you that Central Bank of India is a public sector bank promoted by Government of India. As regards the captioned media news, we do not have any information on privatization of the Bank as on date. There is no such negotiation/event taking place at the level of Central Bank of India. It is further submitted that as on date, we do not have any information/announcement which our opinion may have bearing on the price/volume behavior in the scrip of the Bank.”

So, according to our Fact Finding Team, all the information floating about Central Bank getting privatized is fake. The Public-sector bank has continue to work for the betterment of the country under the Indian government and not any private sector firm.