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ONGC against parking funds with PSU banks
Minister of State for Petroleum and Natural Gas Jitin Prasada said in a written reply to the Rajya Sabha said ONGC has written saying state-run banks on getting assured business act in cartel, offering interest rates lower than even that on retail deposits.
They pointed out that the process of placing deposits with banks without inviting competitive bids is causing loss of interest revenue, he added.