Delhi, January 2: Department of Financial Services Secretary M Nagaraju on Friday chaired the Inter-Departmental Committee (IDC) meeting considered the proposals of the Reserve Bank of India (RBI) in respect of foreign banks desirous of opening their branches, representative offices and subsidiaries in India.
The meeting was attended by member Ministries and departments like Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC) and the Reserve Bank of India (RBI).
The meeting was convened to consider proposals received from RBI in respect of foreign banks desirous of opening their branches, representative offices and subsidiaries in the country.
“During the meeting, after due deliberations, the Committee recommended the proposals placed before it,” said an official release.
IDC is a committee wherein the Department of Financial Services (DFS), as the nodal Department, evaluates proposals received from foreign and domestic banks. Before reaching a consensus, the committee consults the proposal with member ministries/departments i.e. MHA, MEA & DoC seeking their inputs in the matter from security, political and economic angles respectively.
