MSO, Indian banks will no longer require prior security nod

Multi System Operators and Indian banks wanting to open foreign branches will no longer be required to take prior security clearance, Lok Sabha was informed today.
Minister of State for Home Haribhai Parathibhai Chaudhary said no prior security clearance would be required.
"It is proposed to do away with national security clearance for Multi System Operators and Indian banks wanting to open foreign branches," he said while replying a written question.
He said the Home Ministry has formulated a policy for national security clearance for certain sensitive sectors of the economy by codifying all existing practices.
He said the policy has also liberalised certain investment restrictions existing earlier.

"The new policy is aimed at bringing about a healthy balance between meeting the imperatives of national security and facilitating ease of doing business and promoting investment in the country," he said.