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.
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