The government today said it will not review the foreign direct investment (FDI) norms for the banking sector — a policy that has rendered lenders like ICICI Bank and HDFC as foreign-owned entities. “No revisiting the norms… We are very clear (on this),” Industry Minister Anand Sharma said today, when asked whether the government would review FDI norms in the wake of clarifications sought by the banks. Asked about the claims by ICICI Bank and others that they are very much Indian, Sharma said: “Yes, they have said they are Indians, but they are Indian-controlled banks and governed by the regulations of Reserve Bank of India.”
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No review of Foreign Direct Investment norms for Banking Sector
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