Privatization refers to  transfer of government services or assets to the private sector.

•   State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned enterprises may be lifted.

•   Services formerly provided by government may be contracted out.

•   The objective is often to increase government efficiency; implementation may affect government revenue either positively or negatively.

•   Privatization is the opposite of nationalization, a policy resorted to by governments that want to keep the revenues from major industries, especially those that might otherwise be controlled by foreign interests.

•   Example-Giving autonomy to the electronic media,Appointing an industrialist as the Chairman of the Indian Airlines.

•   It is an Indian multinational public sector bank and financial services statutory body.

•   In 1921, the Imperial Bank of India was formed by the merger of the three Presidency Banks of Madras, Bombay, and Bengal.

•   Until the establishment of the Reserve Bank of India in 1935, the Imperial Bank of India performed certain central banking functions in addition to its normal commercial banking functions.

•   The government accepted the recommendation and nationalised the Imperial Bank of India on July 1, 1955, to establish the State Bank of India.

•   The State Bank of India (Subsidiary Banks) Act was passed in September 1959, and over time, eight major State associated banks were merged with the main bank as subsidiary banks.