Mumbai: With the government's Left allies out of the way, and its saviour Samajwadi Party offering full-scale support to the United Progressive Alliance, the government is all set to push key financial bills, including opening of pension sector for private players and raising voting rights of foreign entities in private sector banks during the monsoon session of Parliament.

The government is also expected to revive the disinvestment process. The monsoon session, scheduled from 11 August to end-September is likely to see action on the disinvestment front with the government kicking off the initial public offer (IPO) of NHPC Ltd and Damodar Valley Corporation (DVC).

DVC is slated to issue 10 per cent fresh equity and offload five per cent through an offer for sale, which will reduce the overall government stake to 86.3 per cent, reports quoting minister of state for power Jairam Ramesh said.

The government also wants to list companies such as Satluj Jal Vidyut Nigam and North Eastern Electric Power Corporation, he added.

''Bills on pension funds and banking regulation which deal with voting rights in private banks are already pending in Parliament. I suppose we should be able to take them up in the monsoon session," minister of state for finance Pawan Kumar Bansal said.

The Pension Fund Regulatory and Development Authority (PFRDA) Bill and the Banking Regulation (Amendment) Bill could not be passed due to strong opposition of the Left parties.

The Pension Fund Regulatory and Development Authority (PFRDA) Bill,  introduced in Parliament in 2005, proposes to introduce a new regulator for pension funds as the government - both public sector as well as private - to compete with the EPFO.

The Banking Regulation (Amendment) Bill, if passed, will give voting rights to foreign investors in banks proportionate to their equity holding and remove the 10 per cent cap.

The government is also likely to raise the 26 per cent foreign direct investment (FDI) limit in insurance companies to 49 per cent.

With the United Progressive Alliance government surviving a trust vote and freeing itself from the Left's clutches, any bill to be passed would have to be taken up in the Monsoon session. The Winter session that follows may not be opportune for any big-ticket legislation that may affect poll prospects, analysts point out.

Finance minister P Chidambaram also said the government will 'try' to take up various pending bills in the coming session itself.