Regulation of petroleum sector

Bangalore, Aug 27: Regulation of petroleum sector in the country is being considered, Union Finance Minister P Chidambaram informed today.

Speaking to newspersons on the sidelines of the XIV convocation of the National Law School of India University here, he, however, declined to divulge details, stating that ''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.'' 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.

To a question, he said regulation for consolidation of merger initiated by the Reserve Bank of India for 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 United Progressive Alliance Government at the Centre to restrict voting rights of foreign banks should be reviewed in case of merger.

However, there was no pressure on the matter from the Left parties.

UNI