.......Dr. Virmani’s comments assume significance in the light of the comments from officials of the Reserve Bank expressing their apprehensions about the move, which follows amendments to the Banking Regulation Act in the last session of Parliament. The actual rules under the legislation, determining which entities will be allowed a banking license have not been issued. Significantly, countries such as the United States and South Korea do not allow industrial houses to establish banks. In other countries, such as Australia, U.K. and Canada also enforce restrictions on the extent of foreign ownership and set limits on voting rights. Even the IMF had warned in January that the benefits from allowing such ownership were outweighed by risks..........
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