ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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SINGAPORE-Where Nationalisation Hurts

SINGAPORE Where Nationalisation Hurts TOE future of the four Indian banks operating in Singapore becomes uncertain after the Banking Bill, introduced in Singapore Parliament in the end of July, becomes a law. The four Indian banks functioning here are Bank of India, United Commercial Bank, Indian Overseas Bank and Indian Bank. Section 11 of the Bill states that no bank shall be given a licence if 50 per cent or more of its issued and paid-up capital is owned by or on behalf of a foreign government. The above four are among the banks nationalised in India last year. Besides India, China and Indonesia also operate Government-owned banks in Singapore. The operation of their banks in Singapore will also be affected when the Banking Bill is passed. The Bill however gives "absolute discretion" to the Finance Minister to grant a licence to any foreign government- owned bank for a period "not exceeding one year at any one time".

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