DFS Secretary Chairs IDC Meeting To Review Foreign Banks’ Entry Proposals

New Delhi, Jan 2 (KNN) The Secretary, Department of Financial Services (DFS), M. Nagaraju, chaired a meeting of the Inter-Departmental Committee (IDC) to examine proposals submitted by foreign banks seeking to open branches, representative offices or subsidiaries in India. 

The proposals were received from the Reserve Bank of India (RBI) for consideration.

The meeting was attended by representatives from the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC) and the RBI. 

Following detailed deliberations, the Committee recommended the proposals placed before it.

The IDC functions as an inter-ministerial body with DFS as the nodal department for evaluating proposals from foreign and domestic banks. 

As part of the decision-making process, the Committee seeks inputs from MHA, MEA and DoC to assess proposals from security, political and economic perspectives before arriving at a consensus.

(KNN Bureau)