Date:07/01/2005 URL: http://www.thehindubusinessline.com/2005/01/07/stories/2005010702570100.htm

Back Roadmap for FDI hike in pvt banks soon

Our Bureau

The Finance Minister, Mr P. Chidambaram, addressing the `Second Generation Financial Sector Reforms Conclave 2005' in the Capital on Thursday. - Kamal Narang

New Delhi , Jan. 6

THE Finance Minister, Mr P. Chidambaram, has hinted that the roadmap for allowing foreign banks to pick up to 74 per cent stake in Indian private sector banks would be announced within the next few days.

"The tsunami relief efforts had taken away some time (seven-ten days). So you can add those 10 days to the current month," he told reporters when asked about the timeframe by when the roadmap is likely to be announced.

The Minister, in the first week of December last year, announced that the roadmap for banking sector reforms, including the hike in foreign direct investment (FDI) in private banks from 49 per cent to 74 per cent, would be announced by that month-end.

Mr Chidambaram had then also said the United Progressive Alliance Government would stand by the notification issued by the NDA Government in March to enable hike in FDI in private banks.