...........While foreign banks await RBI’s new norms, if the regulator continues to insist on being reciprocated as a precondition to the opening up of the sector, things will not change dramatically unless overseas watchdogs change their stance. For instance, if US is not ready to welcome Indian banks with open arms, Citibank cannot make it big in India to cash in on the opportunities that a burgeoning middle class and increasing rural consumption offer...........
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