Govt asks firms to keep funds with govt-run banks

Reuters
Posted: 2008-11-11 16:49:16+05:30 IST
Updated: Nov 11, 2008 at 1649 hrs IST

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New Delhi, November 11: : India's finance minister has urged state-run firms to keep 60 per cent of their surplus funds with government-owned banks, a senior official said on Tuesday.

R.S. Pandey, a secretary at the oil ministry, also said state-run firms should not ask banks for higher interest rates on their bulk deposits.

Heads of state-run firms met Finance Minister Palaniappan Chidambaram to discuss their problems in the wake of the economic slowdown.

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