ICICI Bank and HDFC Bank cannot be called Indian-owned banks-Govt

What is the definition of a company owned by Indians???logo
The central government today said ICICI Bank and HDFC Bank cannot be called Indian-owned banks, setting at rest the debate generated over the nationality of the top two private sector lenders. At best, the two can be called as Indian-controlled banks, DIPP Secretary R P Singh said. ICICI Bank had maintained that it continues to be an Indian bank as its management and Board was Indian. ICICI Bank and HDFC Bank’s have over 74 per cent foreign holding, including that of foreign banks and overseas institutional investors. Going by the definition, they are certainly not owned by Indians, because equity of at least 74 per cent or around 74 per cent is from outside, he pointed out, buttressing the government’s stand. But they can be construed as banks controlled by Indians if the majority of directors are Indians and right to directorship is with Indians.