Under attack from left parties over the proposed banking reform roadmap, the government is expected to come out with stringent norms to prevent "predatory takeovers" of Indian private banks."But there was no question of going back on the government's commitment to allow up to 74% foreign equity in Indian private banks, which has already been notified by the previous NDA Government on March 5, 2004," official sources said."It is a question of self-respect, and the banking reform roadmap will be announced by Reserve Bank shortly allowing up to 74% equity in Indian private banks," they added.The Left parties were not opposed to the roadmap and the opening up, but what they fear is that such opening up could lead to predatory takeovers, they said. "We have taken the Left into confidence on this issue, and the roadmap will have adequate safeguards on this score."
