When we came out (with application deadlines for niche banks), we had given a closing date. 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 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 .