Petroleum sector regulation under consideration

Bangalore, Aug 27: Union Finance Minister P Chidambaram today said regulation in the petroleum sector in the country is being considered. He, however, declined to divulge details, stating, ''It is too early to disclose since the details are being worked out. You will know the details once it is placed before the Cabinet. No timeframe has been set for this purpose.'' He was talking to newspersons on the sidelines of the XIV convocation of the National Law School of India University here.

To a question, he said regulation for consolidation of merger initiated by the Reserve Bank of India for the merger of weak banks would not be forced on any bank. However, if weaker banks in the private sector come forward voluntarily, it would be welcomed.

The Minister said the demand of the coalition partners of the UPA Government to restrict voting rights of foreign banks should be reviewed in the case of merger.

There was no pressure on the matter from the Left parties, he said.

Mr Chidambaram exuded confidence in the country achieving target in both fiscal and revenue deficit since the state governments have been given the targets in April itself and they were doing well.

UNI