labels: finance - general, banks & institutions
Cap on voting rights for foreign banks to be lifted: Chidambaramnews
27 October 2006

Mumabi: The government will soon introduce a Bill in Parliament to remove the 10-per cent ceiling on voting rights on foreign banks acquiring a stake in Indian private banks.

This was stated by union finance minister P Chidambaram at a conference on India's financial markets in New York. The finance minister, however, did not specify the new limit on voting rights.

According to the finance minister, the banking sector had enormous scope for further expansion since its contribution to the GDP was only 50 per with the rest being accounted for by informal providers of finance.

The finance minister pointed out to the recent growth being led by the services sector. He however said that the industrial sector was catching up.


 search domain-b
  go
 
Cap on voting rights for foreign banks to be lifted: Chidambaram