Navratna, Miniratna PSUs must park 60% extra funds with PSBs

Public sector enterprises such as Navratnas and Miniratnas are allowed to invest 30 per cent of their surplus funds in Sebi-regulated public sector mutual funds, however, they must park at least 60 per cent of excess funds with public sector banks, Parliament was informed on Monday.

‘Recently it has been decided that Navratna and Miniratna CPSEs can invest 30 per cent of their surplus funds in Sebi-regulated public sector mutual funds.

‘It has also been decided that at least 60 per cent of surplus funds should be placed with public sector banks,’ Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan said.

As per information available in the Public Enterprises Survey 2012-13, all central public sector enterprises (CPSEs) taken together have total cash and bank balances of Rs 2,66,600 crore.