Providing this information in the Lok Sabha, Finance Minister P Chidambaram said under the WTO, India is committed to allow foreign banks to open 12 branches in a year.
“RBI may, however, go beyond the WTO commitments of 12 branch licenses, if the foreign banks open offices in unbanked under-banked areas,” he added.
Standard Chartered Bank and State Bank of Mauritius have been given approval to open branches in under-banked areas.
Morgan Stanley, Westpac Banking Corporation and BNP Paribas received permissions for opening branches in Mumbai.
The approval to Societe Generale and Bank of Bahrain and Kuwati is to open branches at Sanand and Aluva, respectively.
Source: Business standard, Aug 22, 2012