Foreign banks expand presence outside large cities

.........The Reserve Bank of India (RBI) has not allowed large foreign banks to open branches in metropolitan cities in the past five years. This has resulted in places such as Proddatur, Nandyal and Nanded getting foreign bank branches. “RBI does not appreciate the idea of large foreign banks having more branches in metro cities,” said a top executive of a large foreign bank who did not wish to be named. “There are no guidelines or written communication. But they have made it very clear that they want foreign banks to expand into deeper geographies.”...............

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