Four foreign banks have applied to set up wholly - owned subsidiaries in India , according to its regulator , The Reserve Bank of India ( RBI ) . DBS Bank and SBM Bank have already sought permission to convert their branches into subsidiaries . This is despite requests from foreign banks to have the priority sector lending ( PSL ) rules relaxed after the central bank stated that they would have to offer the same 40 % of their loans as Indian banks , to priority sectors . RBI says it will release the names of the banks within the next two - three days .
Four foreign banks have applied to set up wholly-owned subsidiaries in India, according to its regulator, The Reserve Bank of India (RBI). DBS Bank 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. RBI says it will release the names of the banks within the next two-three days.