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15 foreign banks are looking to open branches in India: RBI

Reserve Bank

New Delhi: India could have more foreign banks soon as in the case of other Asian countries like China, Singapore, and Hong Kong with 15 overseas banks have been in touch with the Central Bank, to open branches in the country.

As per RBI Data, already 46 foreign banks are operating in India including two banks operating in wholly-owned subsidiary (WOS) mode. RBI has informed the finance ministry that 15 banks have shown interest in opening their branches in India, said official sources.

Foreign banks, except those operating in WOS mode, require prior approval of the RBI for opening branches in India.

RBI has further apprised that the foreign banks open their branches in India based on their commercial judgement.

With regard to banks operating in WOS mode, as per RBI norms, at least 25 percent of the total number of branches opened during a financial year, must be opened in unbanked rural (Tier 5 and Tier 6) centres that do not have a brick and mortar structure of any scheduled commercial bank for customer-based banking transactions. (IANS)

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