A Dustup In India May Bruise Western BanksShekhar Hattangadi
India's banking regulators shook up foreign bankers in 1992 with charges that Citibank and three other Western banks allegedly violated securities regulations and helped provoke a crash at the Bombay stock exchange. Two years later, shock waves are still being felt. After a parliamentary committee issued a stinging report on the affair, the reformist government of Prime Minister P.V. Narasimha Rao infuriated lawmakers by criticizing their report rather than the foreign bankers. Now, a battle is brewing as opposition parties and unions boycott Parliament and stage antiforeign demonstrations.
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