Business Daily from THE HINDU group of publications
Wednesday, Mar 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Mar 26, 2008 ePaper | Mobile/PDA Version |
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Foreign Banks Money & Banking - RBI & Other Central Banks RBI’s largesse N.S. Vageesh Chennai, March 25 Under the World Trade Organisation (WTO) commitments, the Reserve Bank of India needs to approve 12 branches of foreign banks (existing and new) every year. The RBI has consistently given a higher number of approvals than required — a policy that Mr V. Leeladhar, Deputy Governor, RBI, declared in a speech in November 2007 as “quite generous, and not merely liberal.” The measure of the RBI largesse (as an offshoot of the Comprehensive Economic Cooperation Agreement with Singapore as well as pressure brought to bear at the highest levels of the Government) can be seen from the fact that DBS is getting eight branch licences at one go or almost two-thirds of the branches given annually for all foreign banks. And without having to open any rural branches, as is the condition for allowing expansion in India. The Straits Times, Singapore, had reported in November that the Minister Mentor, Mr Lee Kuan Yew, had received an assurance in this regard from the Indian Prime Minister, Dr Manmohan Singh. There are 29 foreign banks operating in the country with 273 branches and 871 offsite ATMs. Last year, HSBC and ABN Amro got three branch licences each while Barclays Bank got two. More foreign banks keen to open offices here UBS gets RBI nod to set up branch in India Royal Bank of Canada begins operations in India More Stories on : Foreign Banks | RBI & Other Central Banks | Financial Policy
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