RBI Offers 'Near National Treatment' To Foreign Banks


News: The Reserve Bank of India (RBI) has announced that foreign banks having complex structures, which do not provide adequate disclosure, would be required to operate via wholly-owned subsidiaries. Under the guidelines, foreign banks operating in the country would be given 'near national treatment', which would enable them to open branches anywhere at par with other public and private sector banks. Additionally, such banks would be allowed to list their subsidiaries on the local stock exchange and get capital gains tax and stamp duty exemptions.

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Geography: India