360° Coverage : India's policy on foreign banks soon: RBI chief

11 Updates
India's policy on foreign banks soon: RBI chief
Photo Credit: , Getty Images

India's policy on foreign banks soon: RBI chief

Oct 13 2013, 8:44am CDT | by IANS

Washington, Oct 13 (IANS) The Reserve Bank of India (RBI) will soon come out with new rules for the entry of foreign banks that may even allow them to take over Indian banks, RBI Governor Raghuram Rajan has said.

Washington, Oct 13 — The Reserve Bank of India (RBI) will soon come out with new rules for the entry of foreign banks that may even allow them to take over Indian banks, RBI Governor Raghuram Rajan...

Filed under: news

YouTube Videos

 
 
 

46 weeks ago

India's policy on foreign banks soon: RBI chief

Oct 13 2013, 8:44am CDT | by IANS

Washington, Oct 13 (IANS) The Reserve Bank of India (RBI) will soon come out with new rules for the entry of foreign banks that may even allow them to take over Indian banks, RBI Governor Raghuram Rajan has said.

Washington, Oct 13 — The Reserve Bank of India (RBI) will soon come out with new rules for the entry of foreign banks that may even allow them to take over Indian banks, RBI Governor Raghuram Rajan has said.

"That is going to be a big big opening because one could even contemplate taking over Indian banks, small Indian banks and so on," he said at an event of the Institute of International Finance here Saturday.

"We're coming out with details on that in the next couple of weeks."

"By setting up wholly owned subsidiaries, foreign banks will get more opportunities to expand in India," Rajan said. "We will allow you a lot of freedom on branching."

Currently, foreign banks in India operate as branches of the foreign parent and face restrictions on the number of branches they can set up in the country.

The banking sector reforms, particularly those facilitating entry of foreign banks in India in a "big way", is part of the five pillars of reforms, including monetary policy framework that the RBI is going to implement in the next few years, Rajan said.

"For foreign banks, if you adopt a wholly-owned subsidiaries structure, we will allow you near national treatment," but with a couple of conditions, he said.

"One reciprocity -- your country should allow the same to our own banks -- and second you come through one route - either you have a branch or you have a subsidiary; don't do both."

"That is primarily to simplify our regulatory function, but also to make it clean," he said.

Acknowledging that price situation was an issue for the economy, Rajan said the ordinary monetary policy would be focused on containing inflation and not directed towards external sectors.

The RBI is scheduled to present the quarterly review of the monetary policy Oct 29.

Referring to the US government shutdown, Rajan expressed full confidence in the American economy and ruled out selling of US treasury bills that India holds to the tune of $59.1 billion.

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 
Update
11

10 minutes ago

Japanese Stocks Higher

Sep 1 2014 9:10pm CDT | Source: WSJ.com: Asia Home

Asian shares were mostly higher, with Japan leading gains as investors turned their focus to a meeting later this week by the European Central Bank, as well as recent economic data from India an ...
Source: WSJ.com: Asia Home   Full article at: WSJ.com: Asia Home
 

 
Update
10

8 hours ago

Nike to open fully-owned stores in India

Sep 1 2014 1:06pm CDT | Source: Business Standard

Nike has been present in India since 1996 ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
9

10 hours ago

Modi in Japan: Abe offers help to introduce bullet trains in India

Sep 1 2014 11:08am CDT | Source: HeadlinesToday.in

The two prime ministers look forward to the completion of the joint feasibility study on high speed railway system on Ahmedabad-Mumbai route. Hug, not a handshake | 10 takeaways from Modi's thank you speech in Tokyo | Obama jealous, looks forward to set new agenda with Modi | In pics: Modi Sir ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
8

10 hours ago

KVIC to revamp scheme to revive older industries

Sep 1 2014 11:04am CDT | Source: Business Standard

The commission wants to develop khadi clusters across the country under the SFURTI project of the ministry of micro, small and medium enterpr ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
7

11 hours ago

Centre to mediate states' dispute in Kishau project

Sep 1 2014 10:05am CDT | Source: Business Standard

660-Mw dam will straddle Uttarakhand and Himachal Pradesh on the To ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
5

11 hours ago

Chandigarh seeks CII help to bridge skill shortage

Sep 1 2014 10:04am CDT | Source: Business Standard

Chandigarh has got good response for its vocational and soft skills programmes, included from C ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
4

11 hours ago

Modi govt gets 3 on 10 from Bihar CM

Sep 1 2014 9:54am CDT | Source: Business Standard

Says the NDA government's attitude towards Bihar i ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
3

11 hours ago

100-days of Modi sarkar: Have prices gone down, asks Sonia

Sep 1 2014 9:44am CDT | Source: HeadlinesToday.in

The Congress president questioned claims of Modi government o ...
Source: HeadlinesToday.in   Full article at: HeadlinesToday.in
 

 
Update
2

12 hours ago

RBI amends Basel III guidelines for banks

Sep 1 2014 9:10am CDT | Source: Reuters India

MUMBAI (Reuters) - Indian banks can now issue Tier 2 capital with a minimum original maturity of 5 years as against 10 years previously, the Reserve Bank of India (RBI) said in a notification on Monday, amending some guidel ...
Source: Reuters India   Full article at: Reuters India
 

 
Update
1

12 hours ago

Govt to hold talks with power producers, discoms on tariff hike

Sep 1 2014 8:58am CDT | Source: Business Standard

In order to avoid any parallel ruling before the Appellate Tribunal takes a final decision on the compensatory tariff, Adani Power and Tata Power promoted ultra mega power project (UMPP) Coastal Gujarat ...
Source: Business Standard   Full article at: Business Standard
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Nigeria to get Japanese drug for Ebola treatment
Abuja, Sep 2 (IANS) Nigeria will soon get a Japanese drug to treat Ebola, the country's Health Minister Onyebuchi Chukwu said Monday.
 
 
Japan to aid connectivity upgrade in northeast India
Tokyo, Sep 1 (IANS) India and Japan Monday decided to strengthen cooperation for improving connectivity and socio-economic development in northeastern states of India.
 
 
Three Ebola cases recorded in Nigeria oil hub
Abuja, Sep 1 (IANS) At least three cases of Ebola virus disease (EVD) have been recorded in Nigeria's oil hub of Port Harcourt, where a fatality was confirmed last week, the country's Minister of Health Onyebuchi Chukwu said here Monday.
 
 
India, Japan to elevate strategic partnership
Tokyo, Sep 1 (IANS) Prime Minister Narendra Modi Monday said relations with Japan were of the "highest priority" for his government and announced a slew of initiatives, including turning the strategic partnership into a "special" partnership and a fast-track channel for Japanese investors.
 
 
 

Latest from the Network

Eight killed in France building collapse
Paris, Sep 2 (IANS/EFE) As many as eight people have died due to a building collapse in Paris till Monday, French emergency management services said. Firefighters had recovered before dawn Monday the bodies of two...
Read more on Politics Balla
 
Modi focuses on women's empowerment, education
Tokyo, Sep 2 (IANS) Prime Minister Narendra Modi Tuesday stressed on the need for women's empowerment in the present-day world as he began the fourth day of his visit to Japan. Modi, who was addressing students of the...
Read more on Politics Balla
 
George Clooney's back pain continues
Los Angeles, Sep 2 (IANS) Almost 10 years after filming the Oscar-nominated movie "Syriana", actor George Clooney is still feeling the effects of his on-set back injury. The actor traveled to Duke University earlier...
Read more on Celebrity Balla
 
Carrie Underwood is pregnant
Carrie Underwood is pregnant. The former 'American Idol' winner, 31, and husband Mike Fisher announced on Twitter tonight (09.01.14) that they're expecting their first child together. The blonde beauty posted a...
Read more on Celebrity Balla
 
50 Cent buys son miniature car
50 Cent bought his son a miniature car for his birthday. The 39-year-old rapper - whose real name is Curtis James Jackson - surprised Sire with a little Mercedes ML450 SUV, a smaller representation of his own vehicle,...
Read more on Celebrity Balla
 
Kirsten Dunst criticises Apple for leaked photos
Kirsten Dunst has hit out at Apple after naked photographs of her were allegedly leaked online. The 32-year-old actress took to her Twitter account last night (09.01.14) to criticize the American multinational...
Read more on Celebrity Balla
 
Daisy Lowe feels 'rubbish' without exercise
Daisy Lowe feels ''rubbish'' if she doesn't exercise at least three times a week. The 25-year-old model admits she maintains her enviable figure by working out on a regular basis, but she still enjoys tucking in to...
Read more on Celebrity Balla
 
Paul Smith collaborates with Led Zeppelin
London, Sep 2 (IANS) British fashion designer Paul Smith has collaborated with legendary rock band Led Zeppelin for his latest scarf collection. The London-based designer has teamed-up with the band to create the...
Read more on Celebrity Balla
 
US continues air strikes against IS in Iraq
Washington, Sep 2 (IANS) US forces continued their attack on Islamic State (IS) militants in northern Iraq with three more air strikes conducted Monday, the army said. The strikes destroyed three IS trucks and...
Read more on Politics Balla