 "Y V Reddy")
Former Reserve Bank of India (RBI) governor Y V Reddy made a strong pitch for curbing foreign presence in the Indian banking space, arguing that most of the shareholdings of India’s private sector banks are with foreigners, even as they are known as Indian banks.
“The current policy of ownership and governance in banking needs to be reviewed urgently to correct the outdated and distorted policies. This should be done before our banking system passes on to foreign owners, irrevocably,” Reddy said at the K L N Prasad memorial lecture in Hyderabad.
Foreign shareholding in the largest private sector banks is well
