Foreign Bank

The banks which are registered and feature their headquarters overseas however have operations in our country. Some examples are: HSBC, Citibank, Standard Chartered bank, and so on. As of exit of year 2014, there are 40 three overseas banks from 26 nations functioning with branches close by. Rural Banks had been set up by an Ordinance brought on the 26th Sep 1975 and the “RRB Act, 1976” with an aim to make certain enough financial lending for agriculture and other rural subsectors. The area of working of RRBs is confined to the area as notified with the aid of GOI consisting of one or more than one districts inside the kingdom.
RRBs is owned jointly by GOI, the worried in India and forty-six banks from 22 international locations running as representative places of work in India. Maximum of the overseas banks in India are smaller players of the sector. RBI guideline to-toe-to presence of overseas banks in the country is based on cardinal standards viz. reciprocity and unmarried mode of presence. Extra information about regulation of overseas Banks by using RBI.