New Delhi, Nov. 20 -- The Secretary of the Department of Financial Services (DFS), Ministry of Finance, M Nagaraju, chaired a crucial meeting of the Inter-Departmental Committee (IDC) on Thursday, focusing on proposals related to the expansion and relocation of foreign and Indian bank branches. The Ministry of Finance issued a statement outlining the key discussions and decisions.
The IDC, comprising representatives from key ministries including the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC), and the Reserve Bank of India (RBI), reviewed applications from foreign banks seeking to establish new branches, representative offices, and subsidiaries in India. Simultaneously, the committee eva...