Subsidiary norms for MNC banks soon: RBI

..........Choosing to operate as branches, most multinational banks have gone slow on conversion to avoid huge tax liabilities that come with operating as a wholly-owned subsidiary in India. "From a policy perspective, we are into setting up wholly-owned subsidiaries for foreign banks," RBI Deputy Governor Anand Sinha said in Mumbai. "When that happens, as per the discussion paper that we have issued, would be almost at par with the domestic banks in terms of almost everything, including branch expansion." The Deputy Governor, however, did not offer a timeline for issuing the guidelines............

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