Date:06/12/2004 URL: http://www.thehindubusinessline.com/2004/12/06/stories/2004120602190100.htm

Back `Roadmap for FDI in pvt banks by month-end'

Our Bureau

New Delhi , Dec. 5

The Finance Minister, Mr P. Chidambaram, has said the blueprint for acquisition of up to 74 per cent equity in Indian private banks by foreign banks will be announced by the month-end.

Speaking at the India Economic Summit 2004 here, Mr Chidambaram said, "The Government stands by the March 5, 2004 notification. Foreign banks can acquire up to 74 per cent equity in Indian private banks. The roadmap for this will be unveiled by the end of this month."

On insurance, the Finance Minister said he hoped to place a Bill in Parliament during the Budget session, while a pension regulator would be in place by the end of the year.