The Hindu Business Line : Privatisation of PSU banks

This refers to your editorial `Banking on foreign funds' (Business Line, December 8). After allowing foreign banks to own up to 74 per cent in Indian private banks, it is reasonable that the 10 per cent cap on voting rights is removed if more funds are to flow freely.

As pointed out, ICICI Bank was able to raise its foreign share holding 70-74 per cent without compromising on the social and other obligations laid down by the RBI as it is professionally managed.

The government should thus allow more private participation.

A. Jacob Sahayam

Thiruvananthapuram

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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