Wednesday, January 23, 2008

World Weary

Call me a disillusioned cynic, call me anti-development and a person with double standards. Call me what you wish..but see the news from BBC South Asia...and tell me what you think..

The latest news of India Reserve Bank Policies being snubbed by the British Trade Minister:

India attacked over UK bank snub

Lord Jones wants a greater freedom in Indian finance. India's central bank has been accused of "protectionism" amid claims that it refused a UK bank permission to open a rural branch network in the country. British trade minister, Lord Jones made the allegation during a trip to India ahead of Gordon Brown's visit.

The comments are the latest about the Reserve Bank of India's (RBI) tight control of the financial sector.RBI said Standard Chartered had last year been granted some licences to operate in the country.

'Development catalyst'

Lord Jones said that the Standard Chartered's plans would be good for the bank and for India's rural areas. "Here you have a fabulous British bank that will do two things," Lord Jones, the former CBI head, told India's Business Standard newspaper. "It will get access to the market but at the same time, it will act as a catalyst towards rural development and inclusive growth in India. Just out of sheer protectionism, the RBI says no."Lord Jones said that the bank was waiting for an acknowledgment to their request to open rural branches, which had been lodged last year.

Foreign banks have been eyeing India as a key emerging market, with outside investors having to apply to the RBI for licences to operate. It expected that during the Prime Minister's visit to India, which begins on Sunday, an accompanying business delegation will sign deals worth about $6bn (£3bn).

His picture on the website has a subtitle that says, 'Lord Jones wants a greater freedom in Indian finance'..does he now. I wonder why? Well I guess no one can stop him from wanting something..and now I shall prevent myself from being rude!!


Oh yes I am against it. Why does the Standard Chartered Bank not help rural areas of England, Wales, Ireland and Scotland? Why not? Some areas are very remote and get little developmental finance..and could do with banks helping them. Why not look inwards, rather than try neo-imperialist approaches to entering India yet again.

and let me not even start about USAID..

I may not know much about banking, finance, investment and the global markets. But I do know that I am allowed to sit up, take notice of whats around me, try to understand it and protest if I was a free world the last time I checked!


Upasna said...

I am not sure of the banking sector either, but I buy ur point...also I find it tough to understand why people can't just accept/ say tht they want to enter india cos it has volumes and effectively money for tht too hard to say?

Morpheus said...

Upasana..saying it = political suicide and inviting all kinds of people who look at neo-imperialist thinking to throw daggers!