Archive · 29 Nov 2025
CPI-M MP Warns of Foreign Influence in Indian Banks
A member of the Indian Parliament, Dr John Brittas, has written to the Finance Minister and the head of the Reserve Bank of India to express his worries about foreign companies buying big parts of Indian banks.
He is especially concerned about the CSB Bank, which was bought by a Canadian company called Fairfax Group.
Brittas thinks this could be bad for India because foreign companies might care more about making money than helping the country and its people.
He wants the government to look into this and make sure Indian banks stay true to their social and developmental goals.
CPI-M Rajya Sabha member Dr John Brittas wrote to Finance Minister Nirmala Sitharaman and RBI Governor Sanjay Malhotra.
He expressed concerns over the growing influence of foreign investors in private sector banks, particularly the CSB Bank.
The CSB Bank was acquired by Canada-based Fairfax Group in 2018, with a 51% equity stake.
Brittas warned that this trend could undermine India's financial sovereignty and social banking commitments.
He cited issues like decline in permanent employment, increased contractualisation, and alleged denial of wage revisions post-takeover.
- Who
- Dr John Brittas, CPI-M Rajya Sabha member
- What
- Wrote to Finance Minister and RBI Governor about foreign influence in private banks
- When
- Not specified
- Where
- New Delhi
- Why
- To highlight concerns over foreign ownership and its impact on Indian banking
- Author of the Letter
- Dr John Brittas
- Recipients of the Letter
- Nirmala Sitharaman, Sanjay Malhotra
- Bank in Focus
- CSB Bank
- Foreign Investor
- Fairfax Group
- Year of Acquisition
- 2018
- Equity Stake Acquired
- 51%
- Concerns Raised
- Foreignisation of Indian banking, financial sovereignty, social banking commitments