NEWS & ADVICE : PERSONAL LOAN
RBI allows seven foreign banks to set up their branches in India
By Vaibhav Aggarwal
Aug 23, 2012
Print    Email    RSS   

The banking regulator, Reserve Bank of India, has approved the proposals by seven foreign banks seeking permission of the regulator to open branches in the country. The banks will reportedly set up their businesses by the mid this August this year.

The banks which have been given the nod for opening branches include Standard Chartered, Morgan Stanley Bank International, State Bank of Mauritius, Westpac Banking Corporation, Societe Generale, NP Paribas and Bank of Bahrain and Kuwait.

For the last two years foreign banks have been seeking RBI's permission to open their branches in the country. In the year 2010 six banks approached the regulator with their proposals. The year after that, in 2011 about 10 foreign banks sought RBI's permission to set up their branches in India.

Informing the Lok Sabha about this, FM P. Chidambaram said that as per WTO agreement, India can allow foreign banks to set up 12 branches in the country, in one year. He added, "RBI may, however, go beyond the WTO commitments of 12 branch licenses, if the foreign banks open offices in unbanked under-banked areas."

It is to be noted that State Bank of Mauritius and Standard Chartered Bank have been allowed to establish their branches in under banked areas. Whereas, banks like BNP Paribas, Morgan Stanley and Westpac Banking Corporation have been allowed to set up branches in Mumbai. Bank of Bahrain and Kuwati and Societe Generale are to open branches in Aluva and Sanand respectively.


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

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Loan upper limit increased for women
Carnival of Indian Personal Finance Blogs # 7
Benefits and drawbacks of personal loans...
Personal loans in India: Features and...
Carnival of Indian Personal Finance Blogs #1


Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan

NEWS THIS WEEK
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