Reserve Bank of India Issues Framework for Indian Banks’ Foreign Biz

Reserve Bank of India Issues Framework for Indian Banks’ Foreign Biz

• The Reserve Bank of India (RBI) has put in place a framework to allow overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities not specifically permitted in the Indian domestic market.
• The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City (GIFT City). While these activities may not need prior approval, they are subject to compliance with all applicable laws/regulations and conditions stipulated by the RBI and those prescribed by the host regulator.

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Published date : 05 Dec 2022 05:34PM