THE RESERVE BANK OF INDIA HAS ON 6TH NOVEMBER,2013 HAS PERMITTED WHOLLY OWNED SUBSIDIARY OF FORIEGN BANKS TO ACQUIRE DOMESTIC PRIVATE SECTOR BANKS.IT ALSO ALLOWED THEM TO SET UP BRANCHES ANYWHERE IN THE COUNTRY.THEY WILL HAVE THE RIGHT TO INVEST UPTO 74% IN THE PRIVATE SECTOR BANKS,THEY MAY ACQUIRE.
TODAY IT IS THE PRIVATE SECTOR BANKS,AND THE NEXT TARGET WILL BE THE PUBLIC SECTOR BANKS AND THE COMMON PEOPLE TO SUFFER.