Easier passage to India

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fDi Editor | 01/10/2002 12:00 am

A rule change to allow greater foreign ownership to help rescue India’s ailing private banks is good news for FDI, reports

Kala Rao from Mumbai

In February this year, the rules restricting foreign ownership in Indian private sector banks were eased, raising hopes of consolidation among India’s 32 private banks. Foreign banks – including the 38 that have operations in India – can now possess up to 49% of a private bank.

However, those hopes have been dashed. The first and only foreign bank to acquire an Indian one is ING. A few foreign banks have looked at Centurion, an ailing private bank, but have backed off.

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