Four foreign banks have applied to set up wholly-owned subsidiaries in India , according to its regulator, DBS Bank (RBI). RBI had said if foreign banks took this route, the regulator would treat them on a par with Indian banks. RBI and SBM Bank have already sought permission to convert their branches into subsidiaries. This is despite calls from foreign banks to have the priority sector lending (PSL) norms relaxed after the central bank stated that they would have to offer the same 40% of their loans as Indian banks, to priority sectors. DBS Bank says it will release the names of the banks within more than a year and a half .
Four foreign banks have applied to set up wholly-owned subsidiaries in India , according to its regulator, DBS Bank (RBI). RBI and SBM Bank have already sought permission to convert their branches into subsidiaries. This is despite calls from foreign banks to have the priority sector lending (PSL) norms relaxed after the central bank stated that they would have to offer the same 40% of their loans as Indian banks, to priority sectors. DBS Bank says it will release the names of the banks within more than a year and a half .