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Sunday, Jan 16, 2005

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Banking sector reforms roadmap gets ready

Our Bureau

New Delhi , Jan. 15

THE much-awaited roadmap for banking sector reforms, including a hike in the foreign direct investment (FDI) cap on private sector banks from the current level of 49 per cent to 74 per cent, is likely to be unveiled early next week.

The roadmap came up for discussion at a meeting between the RBI Governor, Dr Y. V. Reddy, and the Union Finance Minister, Mr P. Chidambaram, here on Saturday.

"RBI Governor Dr Y. V. Reddy has come for this purpose. It is being fine-tuned. We are dotting the i's and crossing the t's," Mr Chidambaram said after a two-hour long meeting with Dr Reddy. He said that the roadmap would be unveiled on Monday or Tuesday after an approval from the Prime Minister, Dr Manmohan Singh.

The RBI Governor later met Dr Rakesh Mohan, Secretary, Department of Economic Affairs, and discussed the specifics relating to the roadmap. Mr Chidambaram, has already announced that the United Progressive Alliance (UPA) Government would stand by the notification issued by the National Democratic Alliance (NDA) Government in March 2004 to enable a hike in FDI in private banks.

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