US business body welcomes Indian banking sector reform

 The US business body has welcomed the new RBI rules governing access for foreign banks operating in India, describing the move as a positive step and called for opening up of other areas in particular the insurance sector. The central bank on Wednesday permitted wholly-owned subsidiary (WOS) of foreign banks to acquire domestic private sector banks as well as set up branches anywhere in the country. It also allowed foreign bank subsidiary to list on local stock exchanges. "I am pleased India has begun the process of liberalising access to its banking sector for foreign institutions," Senator Mark Warner, Co-Chair of the Senate India caucus said. "While I have concerns about some of the prerequisites accompanying the reforms, it is a positive first step towards boosting foreign direct investment that will be beneficial for both India and the United States," Warner said.....Read more >> Click here