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Tuesday, July 22, 2014

Navratnas, Miniratnas can Park Funds with MFs, PSBs

Public sector enterprises such as navratnas and miniratnas are allowed to invest 30% of their surplus funds in Sebi-regulated public sector mutual funds, however, they must park at least 60% of excess funds with public sector banks, Parliament was informed on Monday. As per information available in the Public Enterprises Survey 2012-13, all CPSEs taken together have total cash and bank balance of  Rs. 2,66,600 crore.

The cash and bank balance are used by CPSEs for various commercial purposes including payment of dividend and tax, discharge of liabilities, working capital, capital expenditure, expansion, modernization, acquisition, operational expenditure, deposits with banks, mutual funds, etc. 

Source: ET
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