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Informist, Friday, Jan. 2, 2026

 

NEW DELHI – Department of Financial Services Secretary M. Nagaraju chaired an inter-departmental committee meeting Friday to consider proposals received from the Reserve Bank of India with regard to foreign banks' desire of opening their branches or representative offices or subsidiaries in India.  

 

"During the meeting, after due deliberations, the Committee recommended the proposals placed before it," the finance ministry said in a release. The committee includes members from the Ministry of Home Affairs, the Ministry of External Affairs, the Department of Commerce, and the RBI. 

 

This is the second meeting that the secretary chaired on this topic, with the previous meeting held on Nov. 20. At that time, the committee had examined requests by foreign banks for relocation of their existing branches within India, and had also reviewed proposals from Indian banks seeking to expand their presence abroad through similar arrangements.

 

The inter-departmenal committtee functions under the Department of Financial Services, which serves as the nodal authority for evaluating such proposals by both foreign and domestic banks. Before arriving at its recommendations, the committee consults with member-ministries to ensure a comprehensive and consensus-based approach.  End

 

Reported by Priyasmita Dutta

Edited by Tanima Banerjee

 

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