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Citibank NA, Hong Kong and Shanghai Banking Corp. Ltd (HSBC), Standard Chartered Bank and a few other foreign lenders may set up wholly owned subsidiaries (WOS) in India, as they will be treated like “near national” banks by the Reserve Bank of India (RBI) when it comes to opening branches in Asia’s third largest economy if they do so.
RBI released the new norms for foreign banks on Wednesday, nearly three years after the first discussion paper on the subject was made public.
Foreign banks with “complex structures” and banks that do not provide “adequate disclosure” in their home jurisdiction will have to compulsorily convert themselves into wholly owned subsidiaries of their parents in India.
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