The meeting also included member ministries and departments, including the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC) and the Reserve Bank of India (RBI).
Representative Image (IANS)
M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, on Thursday chaired the Inter-Departmental Committee (IDC) meeting to deliberate on proposals received from the RBI concerning the establishment of branches, representative offices and subsidiaries of foreign banks in India.
The meeting also included member ministries and departments, including the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC) and the Reserve Bank of India (RBI).
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Further, the Committee also reviewed proposals from Indian banks seeking to expand their presence abroad through similar arrangements.
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The IDC also examined requests from foreign banks for relocation of their existing branches within India.
After due consideration, the Committee recommended the proposals placed before it.
IDC has consultations with member ministries including the MHA, MEA, and the DoC to ensure a comprehensive and consensus-based approach.
On Tuesday, Union Finance Minister Nirmala Sitharaman also met representatives from different sectors, including manufacturing, capital markets and start-ups, to seek their views for the upcoming budget.
Industry bodies like CII, Assocham, and FICCI attended the meeting.
The meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary, Department of Economic Affairs Secretary Anuradha Thakur, and Chief Economic Adviser V Anantha Nageswaran.
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