The fact remains that no other country allows foreign banks to set up shop like we do
.......Speaking in Washington, Reserve Bank of India (RBI) governor, Raghuram Rajan, said more freedoms for foreign banks “is going to be a big, big opening because — one could even contemplate (them) taking over Indian banks, small Indian banks and so on”. He added: “if you (foreign banks) adopt a wholly-owned subsidiaries (WoS) structure, we will allow you near national treatment”. But it’s the use of the words “near national treatment”, and the caveat he added “reciprocity: your country should allow the same to our own banks”, that matters..........
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