Nagaraju chairs meet on foreign bank expansion

THE INTERDEPARTMENTAL Committee (IDC), headed by Financial Services Secretary M Nagaraju, deliberated and recommended on a set of proposals submitted by the Reserve Bank of India (RBI) regarding the establishment of branches, representative offices and subsidiaries of foreign banks in India, the finance ministry said on Thursday.

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These proposals, which are part of a broader strategy to facilitate the entry and operations of international banking institutions in the country, were thoroughly examined to assess their alignment with regulatory requirements, India’s financial sector priorities.

Alongside this, the committee also reviewed proposals from Indian banks seeking to widen their overseas footprint by setting up branches, representative offices or subsidiaries in foreign jurisdictions.