.........In the case of foreign banks, the RBI forwards their applications to an inter-departmental committee consisting of officials from the ministries of finance, home, commerce and external affairs. The banking regulator then takes a final decision on the basis of the panel’s recommendations. The panel, on June 6, gave its nod to Shinhan Bank’s application to open three more branches, as well as to Woori Bank and Industrial Bank of Korea to start one more branch each, the sources said...........
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