The Hindu Business Line : Left parties oppose lifting of voting rights cap

He told Business Line that the Government's decision was ill timed since discussions were on with the Left parties on the proposed roadmap for banking reforms.

"They (the Government) have taken a unilateral decision. Banking reforms were at the discussion stage (between the Left parties and the United Progressive Alliance). We had not arrived at any conclusion," Mr Raja said.

He felt that the move to lift the voting rights cap would only result in the sector being swamped by foreigners. "Foreign banks would take over Indian banks with whom the general public have placed their money," Mr Raja said.

Echoing similar sentiments, veteran Left Parliamentarian and senior trade union leader Mr Gurudas Dasgupta said that he was against removal of the voting rights cap. "We are opposed to the move," he said.

Mr Dasgupta also felt that the move was a clear signal for the foreign banks and corporate houses to take over the Indian private sector banks. "We are concerned over the depositors' interest," he said.

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