RBI to nudge foreign banks for local firms

The Reserve Bank of India 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. HT reports. The next-gen banks

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.

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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.