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`India poised to secure large investments in various sectors'

By Our Staff Correspondent

MANGALORE, FEB. 18. India has exceeded the limit set by the World Trade Organisation (WTO) on foreign direct investment in private Indian banks, the Managing Director and Chief Executive Officer of the Credit Rating Information Services of India Ltd., Mumbai, R. Ravimohan has said.

The Government had permitted 74 per cent FDI in these banks, he said.

He was delivering the valedictory address at a national seminar on "WTO and the banking sector in India", organised by the Corporation Bank Chair in Bank Management, Mangalore University here on Tuesday. Referring to the FDI in the automobile sector in the past eight years, which was estimated at $4.5 billion, Mr. Ravimohan said the share of Indian banks in this was almost zero.

Exhorting Indian banks to seek a larger share of such investment plans, he said the nation was on the threshold of securing large-scale investments in various sectors in the next five years.

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