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Indian Government will encourage level playing field for public sector, private as well as foreign banks in the country, would like to seek consolidation of Indian banks," as per the finance minister P Chidambaram.
He has asked banks to think big and act globally. He said size was important along with efficiency. By 2010, three-four Indian banks should figure among the top 100 banks in the world.
The government also plans to allow creeping acquisition by foreign banks by letting them pick 10% stake in Indian private sector banks every year and acquire control in 3-4 years. Government would re-introduce a bill to remove the 10% cap on voting rights. However, Public-sector banks would remain as state-owned units, and would be allowed to raise money from the markets.
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