Secretary, DFS chairs Inter-Departmental Committee meeting with member ministries of MHA, MEA, DoC and RBI
Meeting deliberates upon establishment of branches, representative offices and subsidiaries of foreign banks in India
The Secretary, Department of Financial Services,
Ministry of Finance, Shri M. Nagaraju chaired the Inter-Departmental Committee (IDC) meeting today. It included member ministries/departments i.e.
Ministry of Home Affairs (MHA),
Ministry of External Affairs (MEA),
Department of Commerce (DoC) and the
Reserve Bank of India (RBI).
The Inter-Departmental Committee (IDC) convened the meeting to deliberate on proposals received from the
Reserve Bank of India (RBI) concerning the establishment of branches, representative offices and subsidiaries of foreign banks in India. In parallel, the Committee also reviewed proposals from Indian banks seeking to expand their presence abroad through similar arrangements.
Furthermore, the IDC examined requests from foreign banks for relocation of their existing branches within India. After due consideration, the Committee recommended the proposals placed before it.
The IDC functions under the Department of Financial Services (DFS), which serves as the nodal authority for evaluating such proposals from both foreign and domestic banks. Before arriving at its recommendations, the Committee consults with member ministries including the
Ministry of Home Affairs (MHA), the
Ministry of External Affairs (MEA), and the
Department of Commerce (DoC) to ensure a comprehensive and consensus-based approach.