It is really heartening that at least one political party (CPI-M) has thought about opposing the UPA government’s latest move to allow corporate bigwigs to open banks. One must remember that, the global economic tsunami of 2008 could be withstood by our country owing to robust foundations in our banking policy, and a similar challenge in future also can be met, if they are allowed to remain stronger. Wouldn’t the increase in the FDI cap in sectors like banking give the reins of huge domestic savings made by crores of Indians into the hands of a handful of industrialists? In that case, won’t it defeat the very purpose of nationalisation which envisioned the concept of people’s money for people’s welfare?
Syed Sultan Mohiddin