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India relaxes rules on foreign bank ownership

Foreign banks allowed to open retail branches

[MUMBAI] India's central bank has unveiled a far-reaching set of regulations to allow foreign banks into the country's long-protected domestic market. But it demanded that they do so through subsidiaries incorporated in India and said that eligibility would be limited to banks from countries that reciprocate by letting in Indian banks.

The regulatory framework issued after the close of trading on Wednesday requires that foreign banks invest a hefty minimum of 5 billion rupees (about S$99 million)...

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