India could have more foreign banks soon as in the case of other Asian countries like China, Singapore and Hong Kong with 15 overseas banks have been in touch with the Central Bank, to open branches in the country.
As per RBI Data, 46 foreign banks are already operating in India including two banks operating in wholly-owned subsidiary (WOS) mode. RBI has informed the finance ministry that 15 banks have shown interest in opening their branches in India, said official sources.
Foreign banks, except those operating in WOS mode, require prior approval of the RBI for opening branches in India.
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RBI has further apprised that the foreign banks open their branches in India based on their commercial judgement.
Source: livemint
