A DFS secretary–led inter-departmental panel met to consider proposals of foreign banks received from the RBI for opening branches, representative offices and subsidiaries in India.
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The government on Friday said an inter-departmental committee (IDC) chaired by Department of Financial Services (DFS) Secretary M Nagaraju met to consider proposals from foreign banks seeking to establish a presence in India.
The meeting was convened to review applications received from the Reserve Bank of India (RBI) for foreign banks desirous of opening branches, representative offices or subsidiaries in the country.
Officials from the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC) and the RBI were part of the deliberations.
According to the official release, the committee examined the proposals in detail and, after due deliberations, recommended the applications placed before it. The process involves a multi-layered evaluation, with inputs sought from different ministries to assess security, political and economic considerations.
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The IDC functions with DFS as the nodal department and evaluates proposals from both foreign and domestic banks. Before arriving at a consensus, the committee consults member ministries and departments, including MHA, MEA and DoC, to ensure proposals align with India’s regulatory framework and broader national interests.
The review forms part of the government’s structured approach to overseeing the entry and expansion of foreign banking entities in India.
