Top executives of foreign banks are making a beeline for appointments with Reserve Bank of India (RBI) Governor Raghuram Rajan. The agenda, among other things, is to discuss the subsidiarisation of foreign banks in India, say people familiar with the development. Following the central bank announcing the final norms on wholly-owned subsidiaries (WOS) of foreign banks last month, the reciprocity clause in the norms is seen as a barrier to allowing foreign lenders unfettered branch access. This is because...............
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