Foreign banks seek finance ministry help to speed up decision on applications for new branches

....."Foreign banks which are still waiting for further clarity on the wholly owned subsidiary model proposed by the sectoral regulator want RBI to fast track the branch licensing process till it comes with its final guidelines," said the official who did not want to be identified. He declined to name the banks. The official, however, said that it was for the RBI to take a final call on the issue. As of now there are 41 foreign banks in the country with 323 branches.....

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