IDC Reviews Proposals On Foreign Bank Operations & Indian Banks’ Overseas Expansion

New Delhi, Nov 20 (KNN) Department of Financial Services (DFS) Secretary M. Nagaraju chaired a meeting of the Inter-Departmental Committee (IDC) to review proposals related to the operations of foreign banks in India and the overseas expansion plans of Indian banks. 

Representatives from the Ministry of Home Affairs, Ministry of External Affairs, Department of Commerce and the Reserve Bank of India (RBI) attended the meeting.

The IDC, functioning under the DFS, acts as the nodal body for evaluating such proposals. 

Its recommendations are based on consultations with member ministries and departments to ensure a coordinated and consensus-driven approach to decisions involving domestic and international banking operations.

The Committee deliberated on proposals submitted by the RBI concerning the establishment of new branches, representative offices and subsidiaries of foreign banks in the country. 

It also examined applications from Indian banks seeking approval to open branches or representative offices abroad as part of their international expansion plans.

Additionally, the IDC reviewed requests from foreign banks for relocation of their existing branch offices within India. 

After detailed assessment, the Committee recommended the proposals placed before it.

(KNN Bureau)