Category: Statements

Privatisation of public sector banks would run counter to the constitutional obligation of the Govt

In the Budget speech last year, the Finance Minister mentioned that the government would privatise a few PSU banks in due course. There are reports on statements originating from the Ministry that the government would introduce a Bill during the coming monsoon session for enabling it to privatise PSU banks in principle, create provision for outright sale and relax the cap on foreign equity holdings in them. DIPAM is also conducting road shows in the USA to sell IDBI Bank. In this connection, we wish to caution the government about the legal and other far-reaching implications of privatising any PSU bank.

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Coal and Power crisis in the country | Press Release

In order to bring out the actual reasons for the colossal failure of the Coal and Power system management and enable corrective action, an independent enquiry should be constituted into the coal crisis that occurred once during 2021, has enveloped the country during the summer of 2022 and is likely to extend into the monsoon.

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Statement on LIC IPO

January 21, 2022 Peoples Commission on Public Sector and Public Services Statement on LIC IPO The Finance Minister in her budget speech in 2021 announced disinvestment of government stake in the Life Insurance Corporation of India (LIC). According to news reports, the LIC IPO Prospectus is likely to be issued in early February 2022. It... Continue Reading →

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Demand to Reverse the SBI-Adani Capital Deal

Reserve Bank of India should reverse its policy with regard to allowing Non-Banking Financial Companies (like the Adani Capital) to have tie-ups with Public Sector banks (like the State Bank of India) for co-lending to the farmers and other small borrowers. The undersigned demand an immediate reversal of this arrangement as it will have serious implications for the public.

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Statement on CEL Sale

Statement on CEL Sale by Peoples’ Commission on Public Sector and Services The Cabinet Committee on Economic Affairs (CCEA) empowered alternative mechanism for disinvestment is reported to have finalised selling 100% equity of Central Electronics Ltd. (CEL), a Central Public Sector Enterprise (CPSE), for a paltry sum of Rs 210 Crores, to a private entity... Continue Reading →

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Statement on DPE Notification on Guidelines for PSEs

Statement Peoples' Commission on Public Sector and Services We wish to express our outrage and deep concern about the recent notification issued by the Department of Public Enterprises (DPE) in the Union Finance Ministry, which sets “guidelines” for the new policy for public enterprises in the “non-strategic” sectors. The “guidelines”, issued on December 13, which... Continue Reading →

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