Applications of 18 foreign banks under processing for license
By Vaibhav Aggarwal
Aug 11, 2010
Print    Email    RSS   

Banking regulator, Reserve Bank of India has received applications from 18 foreign banks which are interested to gain a license to bank in India. The applications are currently under process. The banks intend to set up representative offices in the country as well as open branches across the nation.

"As on date, applications by RBI from 18 foreign banks for opening maiden branch/Representative Office are under various stages of progress", Minister of State for Finance Namo Narain Meena said as a reply to the Rajya Sabha.

"As on June 30, 2010 more than 300 foreign bank branches are present in the country," Meena said.

In response to the query that foreign banks, if allowed to open branches in India would hamper the business and operations of domestic banks, he said that the discussion paper pertaining to guidelines set for new banking licenses is under preparation by banking regulator RBI. The paper would be taking into consideration, the impact of the above query too.

The discussion paper is expected to come this month.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs # 7
BPLR or Base rate?? Which is better…?
An analysis of alternatives to personal loans
How to decide on a loan for business?
Know about Form 16

What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan
i need my personal loan track statement

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive