Congress says allowing foreign firms to acquire Indian banks is imprudent, risky

Congress general secretary in-charge communications Jairam Ramesh's assertion came after Emirates NBD Bank, the second largest in the UAE, expressed interest in acquiring a majority 60 per cent stake in RBL Bank for Rs 26,853 crore -- the biggest ever financial sector deal in value terms

The Congress on Sunday said foreign firms gradually being allowed to acquire Indian banks was "imprudent" as it poses substantial risks and recalled that the Jan Sangh had criticised then prime minister Indira Gandhi for not nationalising foreign banks in July 1969.

Congress general secretary in-charge communications Jairam Ramesh's assertion came after Emirates NBD Bank, the second largest in the UAE, expressed interest in acquiring a majority 60 per cent stake in RBL Bank for Rs 26,853 crore -- the b