Kerala   

BEFI cautions against FDI in banks

Staff Reporter

KOCHI: The Bank Employees' Federation of India (BEFI) , Kerala, has urged the Union Government and the Reserve Bank of India (RBI) to exercise caution in allowing foreign direct investment (FDI) up to 74 per cent in private banks.

In a statement here on Monday, BEFI, referring to recent moves such as removal of ceiling on voting rights for shareholders in private banks and truncation of the regulatory powers of the RBI, said it would be unwise to lead the banking sector in the country to "uncharted territories."

The FDI limit in private banks is now 49 per cent and raising it to 74 per cent is part of the steps planned to integrate the Indian banking sector globally.

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