7th Nov 2013 06:49
LONDON (Alliance News) - India's central bank has unveiled a shake-up of its rules for foreign banks that will likely lead institutions such as Standard Chartered PLC, Citigroup and HSBC Holdings PLC to establish separately capitalised local subsidiaries, the FT has reported.
The Reserve Bank of India said that the rules are a, "significant step towards granting foreign banks equal treatment to domestic banks," and will make it easier to open retail branches or possibly take over Indian institutions.
India's banking system has been dominated by domestic players, as international institutions have been restricted by a tight regulatory framework.
http://www.ft.com/cms/s/0/d5ea823e-4702-11e3-9c1b-00144feabdc0.html#axzz2jqmj3Ei6
By Samuel Agini; [email protected]; @samuelagini
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