CPI(M) to oppose Banking Regulation (Amendment) Act

Madurai, Sep 21 (UNI) Senior CPI(M) leader and Polit Bureau member Brinda Karat has said the Left parties would oppose any move to implement Banking Regulation (Amendment) Act by the Centre.

In an informal chat with newspersons on the sidelines of the 30th General Conference of the South Zone Insurance Employees Federation here last night, she said if the government had allowed 49 per cent Foreign Direct Investment (FDI) in banking and insurance sector, the global economic crisis would have affected India also.

Claiming that it was because of the relentless struggle by the Left parties and trade unions, the Indian economy was not affected by the present global economic crisis, she alleged that the Congress-led UPA government at the Centre was trying to allow FDI in all sectors.

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