Yeah it is one of the aspects of upcoming banking reforms. Of course he says we are going to offer 'national treatment' but he did mentioned two conditions. Please don't ignore them, they are equally important.
1. It can come only through the subsidiary or branch.
2. Even that country should allow the same for our banks.
Kaustubh Katdare
But no matter how many times I try to convince myself - I think it's a financial suicide! You let foreign banks enter your country and control all the people's money! So as I understand this - the Government of India wants the retail to be controlled by the foreigners, the fuel prices to be controlled by the foreigners and now - all our money to be controlled by the foreigners. It also wants Indians to work for all the foreign countries. Isn't the situation similar to the pre 1947 era; when the foreigners controlled everything in this country?
Or am I just running my imagination wild? Do you think the proposed banking reforms are in the best interest of India?
You are right that our currency is being controlled by foreigners. But not only India's, almost all the countries economies are depending on either US $ or or some other and that's because of the International trade, Globalization. No country can stay on it's own and I mean no country is self sufficient in all the aspects. One or the other way, it has to depend on the other either for food or Hydro chemicals or Machinery etc. and there comes the WTO, problem of currency exchange, financial problems etc
And according to WTO, all its members should open the doors for others accepting FDI etc etc and there are certain conditions for that. Therefore no country is intentionally want to allow foreigners to control us and it is so required in this global era according to the needs of the country.
And there are certain things even in our hand to control our economy and measures are also been taken for that.
And one sad thing is even after opening doors of India to foreigners, not many are interested to come in even NRIs because of known reasons like lack of political stability, financial stability, tougher norms, tax problems, bad conditions etc etc. So I think we need not worry much about this 😀