Branches of foreign banks will need to convert into local entities

.....The Reserve Bank of India is believed to incorporating the condition of conversion of branch operations into a wholly-owned subsidiary (WOS) at the time of giving permission for the entry of a new foreign bank, said a foreign bank representative. In its discussion paper on the presence of foreign banks in India, the RBI has underscored that from the financial stability perspective there would be a need to mandate at the entry level itself a subsidiary form of presence. Similarly, it would be mandatory.......

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