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RBI may issue final norms on foreign banks in few months

Foreign banks are operating in India by registering their branches, but without establishing subsidiaries.

June 05, 2013 / 03:37 PM IST

The Reserve Bank of India expects to resolve within the next few months pending legal issues about whether to mandate that foreign banks incorporate in India, Governor Duvvuri Subbarao said on Wednesday.


Final guidelines will be issued once that has been resolved, Subbarao said at a banking conference in Mumbai.


Also read: Mkt eyeing RBI stance on rupee vs FX reserve dilemma: BoAML


At present, all foreign banks are operating in India by registering their branches, but without establishing subsidiaries.

Subbarao also pointed out the need for regulatory oversight on non-banking finance companies, and said eventually only regulated banks should be allowed to take deposits.

first published: Jun 5, 2013 03:37 pm

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