Why statutory companies are created?

Statutory companies are created to run enterprises of national importance. A statutory company is established by a Special Act of the Central or State Legislature. Its objectives, powers and activities are defined by the special law under which it is created. Though it is governed by a Special Act, it is also subject to the provisions of the Companies Act in so far as these provisions do not conflict with those of the Special Act. The Reserve Bank of India and the State Bank of India are some examples of statutory companies in India.