Matter of grave concern: International finance capital 'onslaught' on Indian finance and banking

By Devidas Tuljapurkar*

In recent years, there has been a concerning trend of increasing foreign control over Indian banks. It began with , which was acquired by Singapore-based DBS Group (Development Bank of Singapore). This was followed by the acquisition of by the . More recently, has seen a growing stake being taken over by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), and now reports suggest that RBL Bank (formerly Ratnakar Bank Limited) is likely to be acquired by the United Arab Emirates’ (UAE) public sector lender, Emirates NBD (Emirates National Bank of Dubai).

This growing foreign presence in Indian banking is nothing short of an onslaught by international finance capital. What makes this development particularly troubling is the irony that it is unfolding under a government that often champions the cause of Atmanirbhar Bharat (Self-Reliant India) and . Despite such rhetoric, the government appears to be facilitating this steady encroachment.

The proposed sale of IDBI Bank (Industrial Development Bank of India) further underscores this trend. As stated by the government, the privatization of IDBI Bank is expected to be completed by the end of this financial year. If the process goes through as planned, it will mark the first instance of a public sector bank being fully privatized—an unprecedented shift with far-reaching implications.

Banking is not just another industry; it is the very backbone of a nation’s economic infrastructure. Allowing critical banking institutions to fall into the hands of foreign entities poses a significant risk to India's financial sovereignty. Such a move could severely undermine the country's ability to independently manage its economic policy, especially in times of global uncertainty.

India’s independence is not merely a political concept; it must also extend to the economic and financial domains. Preserving the integrity and autonomy of our banking sector is essential to defending that independence. It is imperative that we reconsider the direction in which we are headed before it becomes too late to reverse course.

---

*Chairman, RBL Bank Employees Union

Comments

'Tax the top': Nationwide protests demand action as 1% control 40% of India’s wealth

By A Representative Civil rights groups across the country observed the martyrdom day of Bhagat Singh on March 23, as people from diverse backgrounds united to raise their voices against growing economic inequality. The mobilisations marked the launch of a nationwide campaign against inequality, running from March 23 to April 14 (Ambedkar Jayanti), under the banner of the “Tax The Top” campaign.

Fair prices, fresh produce: Vegetable market opens in Rajasthan tribal village

By Vikas Meshram* On 18 March 2026, the tribal village of Sajjangarh in southern Rajasthan witnessed the grand and dignified inauguration of a new vegetable market (mandi). Established through the tireless joint efforts of the Krushi Avam Adivasi Swaraj Sangathan (Bhilkuaan) and Vaagdhara, under the active leadership of the Gram Panchayat of Sajjangarh, the market is being hailed as a cornerstone for local self-governance, self-reliance, and a sustainable rural economy.

When democracy becomes a performance: The Tibetan exile experience

By Tseten Lhundup* I was born in Bylakuppe, one of the largest Tibetan settlements in southern India. From childhood, I grew up in simple barracks, along muddy roads, and in fields with limited resources. Over the years, I have watched our democratic system slowly erode. Observing the recent budget session of the 17th Tibetan Parliament-in-Exile, these “democratic procedures” appear grand and orderly on the surface, yet in reality they amount to little more than empty formalities. The parliamentarians seem largely disconnected from the everyday struggles faced by ordinary exiled Tibetans like us.

Study links sanctions to 500,000 deaths annually leading to rise in global backlash

By Bharat Dogra International opinion is increasingly turning against the expanding burden of sanctions imposed on a growing number of countries. These measures are contributing to humanitarian crises, intensifying domestic discord, and heightening international tensions, thereby increasing the risks of conflicts and wars.

Ex-IAS Atanu Chakraborty and a tale of two different Gujarat vision documents

By Rajiv Shah The likely appointment of Atanu Chakraborty as HDFC Bank chairman interested me for several reasons, but above all because I have interacted with him closely during my more than 14 year stint in Gandhinagar for the “Times of India”. One of the few decent Gujarat cadre bureaucrats, Chakraborty, belonging to the 1985 IAS batch, at least till I covered Sachivalaya was surely above controversies. He loved to remain faceless, never desired publicity, was professional to the core, and never indulged in loose talk. When he neared retirement, which happened in April 2020, first there were rumours in Sachivalaya that he would be appointed SEBI chairman, and then there was talk he would be chairman (or was it CEO?) of Gujarat International Finance Tec (GIFT) City (a dream project of Narendra Modi as Gujarat chief minister, which as Prime Minister Modi wants to promote, come what may). But, for some strange reasons, and I don’t know why, none of this happened, despite the fact...

Witnessing Iran beyond propaganda: Truth, war, and the path beyond western paradigm

By Naile Manjarrés On June 23, 2025—marked as the 2nd of Tir, 1404, on the Persian calendar—a ceasefire between Iran and Israel was announced. This "night of the decree" shifted the trajectory of global affairs; although the world may appear unchanged on the surface, we have yet to fully grasp its impact.

Environmental expert urges policy overhaul as forest and water resources face critical decline

By A Representative On the occasion of World Forest Day and World Water Day , observed on March 21 and 22, environmental voices from the Western Ghats have issued a stark warning to the Union government, calling for an urgent paradigm shift in how India manages its interconnected natural resources. In a formal communication addressed to Union Minister for Jal Shakti , Sri C R Patil , and Union Minister for Forest, Environment and Climate Change , Sri Bhupendra Yadav , policy analyst Shankar Sharma has highlighted a growing disconnect between sectoral policies and the holistic reality of resource governance.

Gujarat cadre to HDFC: When bureaucratic style hits corporate walls

By Rajiv Shah I was a little amused by the abrupt March 17, 2026 resignation of Atanu Chakraborty —a Gujarat cadre IAS officer of the 1985 batch who retired from the government in 2020—as chairman of HDFC Bank . Much of what may have led to his decision to quit this ostensibly high post—actually a non-executive, part-time role—is by now well known. I followed most of it online with considerable interest, partly because I had interacted with him umpteen times during my stint as The Times of India correspondent in Gandhinagar from 1997 to 2012.

A 366-metre gap, a million commuters affected: Kolkata metro delay hurts public interest

By Atanu Roy* Compromising the interests of ordinary people, the authorities concerned in West Bengal appear to be playing with the timeline of the Kolkata Metro’s Orange Line project , turning what should have been a transformative public transport corridor into a prolonged ordeal for commuters.

Search This Blog