Central Govt-run NBFCs: To merge or not to merge, that is the question

A single mega entity would provide India with the sovereign fund raising arm that has been tried through other hoary routes like the oft-tried sequestering a part of foreign exchange reserves

What unites the various government of India-run non-banking financial companies, including Power Finance Corporation (PFC), REC and Indian Railway Finance Corporation and NHAI? Rating agencies have put all of them in the Triple-A bracket, primarilybecause they are backed fully by the sovereign. Thus, they borrow at almost the same rate. REC’s cost of funds in FY18 was 7.6 per cent, that of PFC and NHAI was 7.8 per cent and that of IRFC was 6.9 per cent (with fully-collateralised funding). 

Why do they still stand separately? They were established by notes penned by different joint secretaries of various ministries, on