#Maharashtra govt to form Non-Banking Financial Services institution

The Maharashtra government has decided to form a non-banking financial services (NBFS) institution to utilise thesurplus money with state-run corporations in form of bank deposits.

“The total amountINVESTED by 57 corporations is Rs 40,819 crore in form of bank deposits. Banks give them interest of about 5 to 5.5%. I am of the opinion that it is not the job of government-owned corporations to sit on people’s money in such a manner,” stateFINANCE Minister Sudhir Mungantiwar said.