we are now down to 12 state-owned banks. I still believe that we need to have a six-three-three formula. Six banks should remain in the public sector. In three others, state ownership should go below 50%. And for the others, we should think out of the box and find out a transparent way for public-private partnership, with domestic and non-domestic players,” Kotak said, while speaking at the Asia Economic Dialogue (AED) in Pune.
He said India was at the cusp of making some serious choices in the financial sector and people needed to ask some tough questions. “India nationalized its banking system in 1969. I want some analysis on the amount of taxpayers’ money that has been put into these banks from 1969 to 2020…Then we need to ask that over a period of 70 years, what is the return to the Indian taxpayers on the crores of rupees that have been put into the state-owned banks?” Kotak said.
Kotak said he did not advocate moving away from state-owned banks, but state ownership, in some of them, could be reduced.
He added that he saw a potential battle for the global financial technology order in the future, between Western and Chinese systems, currently exemplified by the debate over 5G wireless technologies
He said India was at the cusp of making some serious choices in the financial sector and people needed to ask some tough questions. “India nationalized its banking system in 1969. I want some analysis on the amount of taxpayers’ money that has been put into these banks from 1969 to 2020…Then we need to ask that over a period of 70 years, what is the return to the Indian taxpayers on the crores of rupees that have been put into the state-owned banks?” Kotak said.
Kotak said he did not advocate moving away from state-owned banks, but state ownership, in some of them, could be reduced.
He added that he saw a potential battle for the global financial technology order in the future, between Western and Chinese systems, currently exemplified by the debate over 5G wireless technologies
No comments:
Post a Comment