Presentation On Conversion Of Branches Of Foreign Banks Into WOS

Brief background

2005

• Road map of presence of Foreign Banks in India unveiled. Phase I (March 2005 to March 2009) and Phase II (April 2009 Onwards) for presence of Foreign Banks in India.

2005-2009

• In first phase, Foreign Banks were permitted to establish presence by way of setting up a wholly owned subsidiary (WOS) or conversion of existing branches into a WOS.

2009 – till date

• Current policy and procedures governing the presence of Foreign Banks will be continued;
• Proposed in Annual Policy statement for 2010-2011 to prepare a discussion paper on the mode of presence of Foreign Banks through branch or WOS;
• Discussion paper on presence of Foreign Banks in India released, January 2011;