IMFplant@rbi.org Rajan removes restriction on branches to aid foreign banks

Western countries such as US and UK have a myriad of regulations design to prevent foreign banks from competing with the Big Banks of Wall Street.

One of these tactics involve restrict the number of branches that can be opened abroad. In the UK, ICICI Bank was allowed to open just a small stall/booth at a branch of a local bank.

In return, RBI used to restrict the number of branches and ATMs that foreign banks could open in India.

It is all being changed without any reciprocative action from the US.

I guess some of the new recipients of banking licences will be allowed to open more foreign branches, as they are Rothschild fronts.

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