The finance minister also charged the public sector companies of violating the guidelines of Department of Public Enterprises (DPE). “It appears that public sector companies are violating the guidelines issued to them by DPE. They are continuing to call for bids (bulk deposits) and they are not observing the guidelines that 60 per cent of public sector companies’ money must be kept with public sector banks,” Chidambaram said.Expressing concerns over rise in cost of deposits of banks due to competitive bidding by public sector companies like ONGC and NTPC, Chidambaram asked them to refrain from this practice. “I intend to take up (the matter) with the DPE (and) the minister concerned,” Chidambaram said when asked about whether his ministry would issue directions to banks not to resort to competitive bidding for bulk deposits.
