The Reserve Bank of India (RBI) has unveiled new rules that will allow foreign banks to expand their presence in the country and "participate fully in the development" of its financial sector.
A revamped framework for the establishment of Wholly Owned Subsidiaries (WOS) by non-Indian banks was published on the central bank's website yesterday, and will permit foreign banks to set up an unlimited number of branches "except in certain sensitive areas where the RBI's prior approval [will] be requir
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