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RBI to nudge foreign banks for local firms

india Updated: Jun 05, 2013 22:58 IST
HT Correspondent
HT Correspondent
Hindustan Times
D Subbarao

The Reserve Bank of India (RBI) will take a call on final guidelines for foreign banks' subsidiarisation after government resolves pending legal and taxation issues, which is expected in the next few months, governor D Subbarao said at a banking conference organised bythe Indian Merchants Chamber.

He also said the RBI will nudge the existing foreign banks to get incorporated locally.

Speaking about Ponzi schemes, governor said there is a need to review the regulations governing these sectors.

"There is a need to review the regulatory oversight of this sector keeping in view the comparative advantages of the financial sector regulators," he said.

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