Business Daily from THE HINDU group of publications
Wednesday, Apr 22, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Apr 22, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Financial Policy Opening up banking sector for foreign players deferred Our Bureau Mumbai, April 21 The Reserve Bank of India has deferred the opening up of the banking sector for foreign players and decided to continue with the current policy and procedures governing the presence of foreign banks in India. In its Annual Policy Statement 2009-10, the RBI said, “In view of the current global financial market turmoil, there are uncertainties surrounding the financial strength of banks around the world. Further, the regulatory and supervisory policies at national and international levels are under review.” The proposed review will be taken up after due consultation with the stakeholders once there is greater clarity regarding stability, recovery of the global financial system, and a shared understanding on the regulatory and supervisory architecture around the world, the RBI said. In February 2005, the RBI had said it would open up the banking sector for foreign banks in a synchronised manner beginning April 2009, by laying out a two-track and gradualist approach in the ‘Roadmap for Presence of Foreign Banks in India’. The roadmap, if adopted, would have relaxed the rules and procedures for foreign banks to open more branches and also permitted them to pick up stake in domestic banks. The RBI Governor said it was difficult to say when the review would happen and that he would try to do it soon. More Stories on : Financial Policy
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