India asks firms to keep funds with govt-run banks

Tue Nov 11, 2008 4:23pm IST

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NEW DELHI, Nov 11 (Reuters) - India's finance minister has urged state-run firms to keep 60 percent 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. (Reporting by Manoj Kumar, Editing by Mark Williams)

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