Govt plans to allow consumers to switch power service firms 8 PSU banks to raise capital from market by March

Consumers will be able to change their power suppliers just like telecom services, after proposed amendment to the Electricity Act is approved, Union Minister R K Singh said. "We are bringing a lot of amendments in the Electricity Act. It also provides for separation of carriage and content business. The draft would come to me in another week or so. We will try to push it for passage in Budget session of Parliament," the power and new & renewable energy minister said in an interview. The separation will pave the way for introducing a new system where consumers will have the option to choose from multiple electricity service providers in their areas, similar to that of telecom services. PTI< As many as eight public sector banks (PSBs) have decided to raise capital from the market within four months as part of the ~2.11 lakh crore recapitalisation plan, according to official sources. Some banks have already got approval from the finance ministry while others are in the process of getting the green signal for raising capital either through private placement or the rights issue, they said. Most banks are preferring the Qualified Institutional Placement (QIP) route, sources said, adding that Punjab National Bank (PNB) would be the first to hit the market to raise ~5,000 crore. Bank of Baroda, Bank of India, Union Bank of India Allahabad Bank and Andhra Bank are also gearing up for the share sale, they said. PTI<