Public sector undertakings in India

A government entity which is also known as government-owned enterprise or government-owned corporation or statutory corporation or government-owned-company or nationalised company in India is a Statutory Corporation, companies and other bodies in which Government of India has a Financial or Controlling Interest or is established by the government with the objective of development, aim to control monopoly by the private sector entities, offer products and services at an affordable price to the citizens along with the role to earn profit for the government is called a Public Sector Undertaking (PSU) or a Public Sector Enterprise (PSE). These establishments are wholly or partly owned by the Government of India and/or one of the many state or territorial governments. Central Public Sector Undertakings (CPSU, CPSE) are wholly or partly owned by the Government of India, while State Public Sector Undertakings (SPSU, SPSE) are wholly or partly owned by state or territorial governments.[1]

In 1951, there were just 5 PSEs under the ownership of government sector in India. By March 2021, the number of such government entities had increased to 365.[2] These government entities represented a total investment of about 16.41 lakh crore as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹2.76 lakh crore. CPSEs have earned a revenue of about ₹25.43 lakh crore during the financial year 2018–19.[2]

HistoryEdit

When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories, previously established to reduce the dependency of the British Indian Army on imported arms.[3]

The British Raj had previously elected to leave agricultural production to the Private sector, with tea processing firms, Jute mills (such as the Acland Mill), railways, electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata. Other entities were listed on the Bombay Stock Exchange.[4]

Critics of private ownership of India’s agricultural and industrial entities—most notably Mahatma Gandhi’s independence movement—instead advocated for a self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century.[5][6] Other contemporary criticisms of India’s public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain’s own industrialization in the previous century.[7][8][9][10][11]

Post-Independence, the national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty.[12] Building upon the Bombay Plan, which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later, the Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry.[13]

The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy.[14] He believed that the establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by Dr. V. Krishnamurthy, a figure known as the "Father of Public sector undertakings in India". Indian statistician Prasanta Chandra Mahalanobis was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model.[15][16]

In 1969, Indira Gandhi's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis.[13] After the crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency.[17][18]

ManagementEdit

All of the public sector undertakings have been awarded additional financial autonomy. These units are government establishments that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants".[19] Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997.[20] Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.

In 2010, the central government established the higher Maharatna category, which raises a public sector unit's investment ceiling from ₹1,000 crore to ₹5,000 crore.[21] The Maharatna public sector units can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy.

Guidelines for awarding Ratna[22] status are as follows:

Category Eligibility Benefits for investment
Maharatna Three years with an average annual net profit of over ₹2,500 crore, OR

Average annual Net worth of ₹10,000 crore for 3 years, OR

Average annual Turnover of ₹20,000 crore for 3 years (against Rs 25,000 crore prescribed earlier)[23]

₹1,000 crore – ₹5,000 crore, or free to decide on investments up to 15% of their net worth in a project
Navaratna A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, total cost of production, cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes), capital employed, etc., AND

A psu must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.

up to ₹1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding ₹1,000 crores).
Miniratna Category-I Have made profits continuously for the last three years or earned a net profit of ₹30 crore or more in one of the three years up to ₹500 crore or equal to their net worth, whichever is lower.
Miniratna Category-II Have made profits continuously for the last three years and should have a positive net worth. up to ₹300 crore or up to 50% of their net worth, whichever is lower.

PSUs in India are also categorised based on their special non-financial objectives and are registered under Section 8 of Companies Act, 2013 (erstwhile Section 25 of Companies Act, 1956).

Top profit making Central PSUsEdit

Top 10 Profit Making CPSEs in Financial Year 2019–20[24]
S. No. CPSE Name Net Profit (₹ crore) Share (%)
1 Oil and Natural Gas Corporation Limited (ONGC) 13,445 9.7
2 Coal India Limited (CIL) 11,281 8.2
3 Power Grid Corporation of India (PGCIL) 10,811 7.8
4 National Thermal Power Corporation (NTPC) 10,113 7.3
5 Gas Authority of India Limited (GAIL) 6,621 4.8
6 Mahanadi Coalfields (MCL) 6,427 4.7
7 Power Finance Corporation Limited (PFCL) 5,655 4.1
8 Northern Coalfields (NCL) 4,971 3.6
9 Rural Electrification Corporation (REC) 4,886 3.5
10 Nuclear Power Corporation of India Ltd (NPCIL) 4,459 3.2
Other CPSEs 59,443 43
Aggregated profit of profit-making CPSEs 1,38,112 100

Top loss making Central PSUsEdit

Top Loss Making CPSEs in Financial Year 2019–20[24]
S. No. CPSE Name Net Loss (₹ crore) Share (%)
1 Bharat Sanchar Nigam Limited (BSNL) 15,500 34.6
2 Rashtriya Ispat Nigam Limited (RINL) 3,910 8.7
3 Mahanagar Telephone Nigam Limited (MTNL) 3,696 8.2
4 Mangalore Refinery and Petrochemicals Limited (MRPL) 2,708 6.0
5 Chennai Petroleum Corporation Ltd. (CPCL) 2,078 4.6
6 Bharat Heavy Electricals Limited (BHEL) 1,473 3.3
7 ONGC Mangalore Petrochemicals Limited (OMPL) 1,400 3.1
8 Bharat Petro Resources Ltd (BPRL) 915 2.0
9 Hindustan Copper Ltd (HCL) 569 1.3
Other CPSEs 4,094 9.1
Aggregate loss of loss-making CPSEs 44,817 100

List of Central PSUsEdit

Public Sector Units (PSUs) can be classified as Central Public Sector Enterprises (CPSEs), Public Sector Banks (PSBs), or State Level Public Enterprises (SLPEs). CPSEs are administered by the Ministry of Heavy Industries and Public Enterprises. The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Enterprises (CPSEs).

As of October 2021, there are 11 Maharatnas, 13 Navratnas and 73 Miniratnas (divided into Category 1 and Category 2).[25][26]

List of Maharatna CPSUsEdit

  1. Bharat Heavy Electricals Limited (BHEL)
  2. Bharat Petroleum Corporation Limited (BPCL)
  3. Coal India Limited (CIL)
  4. Gas Authority of India Limited (GAIL)
  5. Hindustan Petroleum Corporation Limited (HPCL)
  6. Indian Oil Corporation Limited (IOCL)
  7. National Thermal Power Corporation (NTPC)
  8. Oil and Natural Gas Corporation (ONGC)
  9. Power Grid Corporation of India(PGCIL)
  10. Steel Authority of India Limited (SAIL)
  11. Power Finance Corporation Limited (PFCL)[27]

List of Navratna CPSUsEdit

  1. Bharat Electronics Limited (BEL)
  2. Container Corporation of India (CONCOR)
  3. Engineers India Limited (EIL)
  4. Hindustan Aeronautics Limited (HAL)
  5. Mahanagar Telephone Nigam Limited (MTNL)
  6. National Aluminium Company (NALCO)
  7. National Buildings Construction Corporation (NBCC)
  8. National Mineral Development Corporation (NMDC)
  9. NLC India Limited (Neyveli Lignite)
  10. Oil India Limited (OIL)
  11. Rashtriya Ispat Nigam Limited (RINL)
  12. Rural Electrification Corporation (REC)
  13. Shipping Corporation of India (SCI)

List of Miniratna CPSUsEdit

Miniratna Category-I (61)
  1. Airports Authority of India (AAI)
  2. Antrix Corporation
  3. Balmer Lawrie
  4. Braithwaite & co. ltd
  5. Bharat Coking Coal Limited (BCCL)
  6. Bharat Dynamics Limited (BDL)
  7. Bharat Earth Movers Limited (BEML)
  8. Bharat Sanchar Nigam Limited (BSNL)
  9. Bridge and Roof Company (India)
  10. Central Electronics Limited
  11. Central Warehousing Corporation
  12. Central Coalfields Limited
  13. Central Mine Planning & Design Institute Limited
  14. Chennai Petroleum Corporation (CPCL)
  15. Cochin Shipyard (CSL)
  16. Cotton Corporation of India Limited (CCIL)
  17. EdCIL (India) Limited
  18. Garden Reach Shipbuilders & Engineers (GRSE)
  19. Goa Shipyard (GSL)
  20. Hindustan Copper (HCL)
  21. HLL Lifecare
  22. Hindustan Newsprint
  23. Hindustan Paper Corporation Limited
  24. Housing and Urban Development Corporation (HUDCO)
  25. HSCC India Limited
  26. Indian Tourism Development Corporation (ITDC)
  27. Indian Rare Earths
  28. Indian Railway Catering and Tourism Corporation (IRCTC)
  29. Indian Railway Finance Corporation
  30. Indian Renewable Energy Development Agency Limited
  31. India Trade Promotion Organisation (ITPO)
  32. Ircon International
  33. Kudremukh Iron Ore Company (KIOCL)
  34. Mazagon Dock Limited
  35. Mahanadi Coalfields (MCL)
  36. MOIL Limited
  37. Mangalore Refinery and Petrochemicals Limited (MRPL)
  38. Mineral Exploration Corporation Limited
  39. Mishra Dhatu Nigam
  40. MMTC Ltd.
  41. MSTC Limited
  42. National Fertilizers (NFL)
  43. National Projects Construction Corporation
  44. National Small Industries Corporation
  45. National Seed Corporation (NSC)
  46. NHPC Limited
  47. Northern Coalfields (NCL)
  48. North Eastern Electric Power Corporation Limited (NEEPCL)
  49. Numaligarh Refinery
  50. ONGC Videsh Limited
  51. Pawan Hans Helicopters Limited
  52. Projects and Development India Limited (PDIL)
  53. RailTel Corporation of India
  54. Rail Vikas Nigam Limited (RVNL)
  55. Rashtriya Chemicals & Fertilizers (RCF)
  56. RITES
  57. SJVN Limited
  58. Security Printing and Minting Corporation of India
  59. Solar Energy Corporation of India
  60. South Eastern Coalfields (SECL)
  61. Telecommunications Consultants India (TCIL)
  62. THDC India Limited
  63. Western Coalfields (WCL)
  64. WAPCOS Limited
Miniratna Category-II (12)
  1. Artificial Limbs Manufacturing Corporation of India
  2. Bharat Pumps & Compressors
  3. Broadcast Engineering Consultants India Limited
  4. Central Railside Warehouse Company Limited
  5. Engineering Projects (India) Limited
  6. FCI Aravali Gypsum and Minerals (India) Limited
  7. Ferro Scrap Nigam Limited
  8. HMT International Limited
  9. Indian Medicines Pharmaceutical Corporation Limited
  10. MECON
  11. National Film Development Corporation of India (NFDC)
  12. Rajasthan Electronics and Instruments Limited

List of other CPSEsEdit

  1. Agrinnovate India Ltd.
  2. AFC India Limited
  3. Amul (Anand Milk Union Limited)
  4. Anushakti Vidhyut Nigam Limited
  5. Bengal Chemicals and Pharmaceuticals Limited
  6. Bengal Immunity Limited
  7. Biotechnology Industry Research Assistance Council (BIRAC)
  8. Bird Group of Companies
  9. Bharat Broadband Network (BBNL)
  10. Bharat Gold Mines Limited
  11. Bharat Wagon and Engineering
  12. Bharat Immunologicals and Biologicals Corporation
  13. Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL)
  14. Brahmaputra Cracker and Polymer Limited
  15. BrahMos Aerospace
  16. BHAVINI
  17. Biotech Consortium India Limited
  18. BHEL Electrical Machines Ltd. (EML)
  19. BEML Midwest ltd.
  20. Convergence Energy Services Limited
  21. Cement Corporation of India
  22. Central Inland Water Transport Corporation Limited (CIWTC)
  23. Certification Engineers International Limited
  24. City and Industrial Development Corporation
  25. Chenab Valley Power Projects
  26. Damodar Valley Corporation (DVC)
  27. Dedicated Freight Corridor Corporation of India
  28. Delhi Metro Rail Corporation (DMRC)
  29. Deposit Insurance and Credit Guarantee Corporation
  30. Digital India Corporation
  31. Dredging Corporation of India
  32. Electronics Corporation of India Limited (ECIL)
  33. Employees State Insurance Corporation (ESIC)
  34. Energy Efficiency Services Limited (EESL)
  35. Export Credit Guarantee Corporation of India
  36. Fresh & Healthy Enterprises Limited
  37. Fertilizer Corporation of India
  38. Fertilisers and Chemicals Travancore Limited
  39. Food Corporation of India (FCI)
  40. Green Gas Limited
  41. Hemisphere Properties India Limited
  42. Haldia Petrochemicals Limited
  43. Hindustan Antibiotics Limited
  44. Hindustan Insecticides Limited
  45. Hindustan Organic Chemicals Limited (HOCL)
  46. Hindustan Fertilizers Corporation Limited (HFCL)
  47. Hindustan Prefab Limited
  48. Hindustan Salts Limited
  49. Hindustan Steelworks Construction Company Ltd.
  50. Hindustan Urvarak & Rasayan Limited
  51. Hindustan Vegetable Oils Corporation
  52. Hindustan Teleprinters Limited (HTL)
  53. HSCC (India) Limitred
  54. Hotel Corporation of India Limited (HCIL)
  55. Karnataka Soaps and Detergents Limited
  56. Khadi Natural
  57. Khanij Bidesh India Ltd.
  58. Life Spring Hospitals (P) Ltd.
  59. Konkan Railway Corporation
  60. Konkan LNG
  61. Krishnapatnam Railway Company Limited
  62. Karnataka Vijayanagar Steel Limited, NMDC Steel
  63. Madras Fertilizers
  64. Millennium Telecom Ltd.
  65. Meja Urja Nigam Private Limited (MUNPL)
  66. National Capital Region Transport Corporation
  67. National Dairy Development Board
  68. National Highways Logistics Management Company
  69. National Projects Construction Corporation Ltd (NPCC)
  70. National Payments Corporation of India (NPCI)
  71. National Land Monetisation Corporation (NLMC)
  72. National Informatics Centre Services Inc. (NIC)
  73. National Industrial Corridor Development Corporation Limited
  74. Narmada Hydroelectric Development Corporation
  75. National High Power Test Laboratory(NHTPL)
  76. Neelachal Ispat Nigam Limited
  77. Bharat Refractories Limited, Bokaro
  78. NewSpace India Limited
  79. NEPA Mills Ltd.
  80. NSPCL (NTPC-SAIL Power Company Limited)
  81. Infrastructure Development Finance Company (IDFC Limited)
  82. Industrial Finance Corporation of India Limited
  83. Indian Dairy Machinery Company Ltd. (IDMC)
  84. India Debt Resolution Company Limited (IDRCL)
  85. IHB Limited (a joint venture of IOCL, HPCL & BPCL)
  86. Indian Financial Technology and Allied Services
  87. Indian Highway Management Company Limited (IHMCL)
  88. Indian Vaccine Corporation Limited
  89. Indian Medicine Pharmaceutical Corporation Ltd.
  90. Indian Immunologicals Limited
  91. India Infrastructure Finance Company Limited (IIFCL)
  92. Indian Port Rail Corporation Limited
  93. Indraprastha Gas Limited
  94. Indradhanush Gas Grid Limited (IGGL)
  95. Infrastructure Leasing & Financial Services
  96. India SME Asset Reconstruction Company Limited
  97. Indian Potash Limited
  98. Indian Strategic Petroleum Reserves Ltd
  99. Instrumentation Limited
  100. Intelligent Communication Systems India Limited (ICSIL)
  101. Irrigation and Water Resources Finance Corporation Limited
  102. Petronet LNG
  103. Pipavav Railway Corporation Ltd. (PRCL)
  104. Power System Operation Corporation
  105. Prize Petroleum Company Limited
  106. PTC India (formerly Power Trading Corporation India Limited)
  107. Punjab Logistics Infrastructure Limited
  108. Railway Energy Management Company Limited (REMCL)
  109. Ropeways and Rapid Transport System Development Corporation
  110. Sagarmala Development Company
  111. SIDCUL CONCOR Infra Compny Limited
  112. Semiconductor Complex Limited
  113. Smith Stanisteet Pharmaceuticals Limited
  114. sethusamudram corporation limited
  115. Sponge Iron India Ltd (SIIL)
  116. STCI Finance Limited
  117. State Farms Corporation of India
  118. Tourism Finance Corporation Of India Ltd.
  119. Talcher Fertilizers Limited.
  120. Triveni Structurals Limited
  121. UTI Infrastructure Technology And Services Limited (UTITSL)
  122. Utkarsha Aluminium Dhatu Nigam Limited
  123. UV Asset Reconstruction Company Limited

List of Defense PSUsEdit

List of Central PSUs (Financial Services)Edit

Nationalized banksEdit

Currently there are 12 Nationalised Banks in India (Government Shareholding power is denoted in %, as of 1 April 2020):

Regional rural banksEdit

Currently there are 43 Regional Rural Banks in India, as of 1 April 2020:[28]

Andhra Pradesh

Arunachal Pradesh

  • Arunachal Pradesh Rural Bank

Assam

Bihar

Chhattisgarh

  • Chhattisgarh Rajya Gramin Bank

Gujarat

  • Baroda Gujarat Gramin Bank
  • Saurashtra Gramin Bank

Haryana

  • Sarva Haryana Gramin Bank

Himachal Pradesh

  • Himachal Pradesh Gramin Bank

Jammu and Kashmir

  • J&K Grameen Bank
  • Ellaquai Dehati Bank

Jharkhand

Karnataka

Kerala

Madhya Pradesh

Maharashtra

Manipur

  • Manipur Rural Bank

Meghalaya

  • Meghalaya Rural Bank

Mizoram

Nagaland

  • Nagaland Rural Bank

Odisha

Puducherry

Punjab

  • Punjab Gramin Bank

Rajasthan

  • Baroda Rajasthan Kshetriya Gramin Bank
  • Rajasthan Marudhara Gramin Bank

Tamil Nadu

  • Tamil Nadu Grama Bank

Telangana

  • Telangana Grameena Bank

Tripura

Uttar Pradesh

Uttarakhand

West Bengal

Nationalized insurance companiesEdit

Currently there are 7 Nationalized Insurance Companies (Government Shareholding power denoted in %, as of 1 April 2020):

Nationalized Market exchangesEdit

Currently there are 28 Nationalized Financial Market Exchanges in India (Government Shareholding power denoted in %, as of 1 April 2020):

See alsoEdit

ReferencesEdit

  1. ^ "STATUTORY CORPORATIONS, COMPANIES AND OTHER BODIES IN WHICH THE GOVERNMENT OF INDIA HAVE FINANCIAL OR CONTROLLING INTEREST LOK SABHA SECRETARIAT" (PDF). Parliament of India, Lok Sabha. 1 September 2021.
  2. ^ a b "Public Enterprises Survey 2019–20 | Department of Public Enterprises | MoHI&PE | GoI Page No. 1" (PDF). dpe.gov.in. Retrieved 31 May 2020.
  3. ^ "Home | Ordnance Factory Board | Government of India".
  4. ^ "[IRFCA] Indian Railways FAQ: IR History: Early Days - 1". www.irfca.org. Retrieved 15 May 2021.
  5. ^ "Mahatma Gandhi believed in a self-sufficient village economy". www.newsonair.com. Retrieved 15 May 2021.
  6. ^ Gosalia, Sushila (1 March 1979). "The Gandhian model of self-reliance in the Indian economy". Intereconomics. 14 (2): 80–83. doi:10.1007/BF02930202. hdl:10419/139599. ISSN 1613-964X. S2CID 56358907.
  7. ^ Mushtaq, Muhammad Umair (January 2009). "Public Health in British India: A Brief Account of the History of Medical Services and Disease Prevention in Colonial India". Indian Journal of Community Medicine. 34 (1): 6–14. doi:10.4103/0970-0218.45369. ISSN 0970-0218. PMC 2763662. PMID 19876448.
  8. ^ Amrith, Sunil S. (February 2009). "Health in India Since Independence" (PDF).{{cite web}}: CS1 maint: url-status (link)
  9. ^ Chaudhary, Latika (March 2009). "Determinants of Primary Schooling in British India". The Journal of Economic History. 69 (1): 269–302. doi:10.1017/S0022050709000400. ISSN 0022-0507.
  10. ^ Chaudhary, Latika (1 May 2012). "Caste, Colonialism and Schooling: Education in British India". Rochester, NY. SSRN 2087140. {{cite journal}}: Cite journal requires |journal= (help)
  11. ^ Odgers, George Allen (1925). "Education in British". JSTOR 20257440. {{cite journal}}: Cite journal requires |journal= (help)
  12. ^ "Chapter 1, Industrial Policy Handbook" (PDF). Industrial Policy Handbook. Office of the Economic Adviser, Ministry of Commerce and Industry. p. 2. Archived from the original (PDF) on 28 May 2015. Retrieved 17 September 2015.
  13. ^ a b Jadhav, Narendra. "Industrial Policy since 1956" (PDF). Dr. Narendra Jadhav. Retrieved 17 September 2015.
  14. ^ Ghose, Shankar (1993). Jawaharlal Nehru. Allied Publishers. p. 243. ISBN 978-8170233695.
  15. ^ Ahluwalia, Isher J. (1993). Productivity and Growth in Indian Manufacturing, part of Recent Developments in Indian Economy: With Special Reference to Structural Reforms, Part 2. New Delhi: Academic Foundation. p. 25. ISBN 9788171880942.
  16. ^ Baldev Raj Nayar, Globalization And Nationalism: The Changing Balance Of India's Economic Policy, 1950–2000 (New Delhi: Sage, 2001)
  17. ^ "Disinvestments-A Historical Perspective". Bombay Stock Exchange. Retrieved 19 September 2015.
  18. ^ Sankar, T.L., Mishra, R.K., Lateef Syed Mohammed, A. (1994). "Divestments in Public Enterprises: The Indian Experience". International Journal of Public Sector Management. 7 (2): 69–88. doi:10.1108/09513559410055242.{{cite journal}}: CS1 maint: multiple names: authors list (link)
  19. ^ Original govt. announcement about the Navratnas 1997 Archived 9 February 2012 at the Wayback Machine
  20. ^ "Maharatnas, Navratnas: India's best PSUs!". Rediff.
  21. ^ "Maharatna status for mega PSUs gets nod". The Times of India. 25 December 2009. Retrieved 29 December 2009.
  22. ^ "bsepsu.com". www.bsepsu.com. Retrieved 25 July 2016.
  23. ^ http://www.archive.india.gov.in/spotlight/spotlight_archive.php?id=78
  24. ^ a b "Public Enterprises Survey 2019–20 Volume 1" (PDF). Department of Public Enterprises | Ministry of Finance.
  25. ^ "List of Maharatna and Navratna companies in India". Dainik Jagran. 8 April 2021.
  26. ^ "List of Maharatna, Navratna and Miniratna CPSEs". Ministry of Finance. Retrieved 24 September 2021.
  27. ^ "PFC is 11th firm to join Maharatna CPSE club". Livemint. 12 October 2021. Retrieved 11 May 2022.
  28. ^ "list of SCB".
  29. ^ a b Kumar, N. Ravi (10 May 2019). "Rural banks to be merged in TS, AP". The Hindu.
  30. ^ "दैनिक जागरण: बैंकों का विलय : एक हुए UP के तीन बैंक, अब बड़ौदा यूपी बैंक नाम से जाने जाएंगे".