IDC Approves Proposals for Foreign Bank Entry, Branch Relocation and Indian Banks’ Overseas Expansion
Department of Financial Services (DFS) secretary M. Nagaraju chairs a meeting of the Inter-Departmental Committee (IDC) to review proposals related to the establishment and expansion of foreign bank operations in India, in New Delhi on Thursday.
New Delhi, November 21: Department of Financial Services (DFS) secretary M. Nagaraju on Thursday chaired a meeting of the Inter-Departmental Committee (IDC) to review proposals related to the establishment and expansion of foreign bank operations in India. Senior representatives from the Ministry of Home Affairs, Ministry of External Affairs, Department of Commerce and the Reserve Bank of India participated.
The IDC examined a set of proposals received from the RBI regarding the opening of new branches, representative offices and subsidiaries by foreign banks in India. The committee also reviewed applications from Indian banks seeking to expand overseas through similar modes.
Officials said the meeting additionally assessed requests from foreign banks looking to relocate their existing branches within India. After detailed deliberations, the Committee recommended the proposals placed before it for further processing.
The IDC, housed under DFS, serves as the nodal body responsible for evaluating such regulatory proposals. Its decisions are based on consultations with member ministries and departments to ensure that clearances are aligned with national security, diplomatic priorities and India’s broader trade and financial-sector objectives.
