MUMBAI (Reuters) - The Reserve Bank of India (RBI) said foreign banks that want to enter the country but have complex structures or lack adequate disclosure, or which are not widely held, will be let in only as wholly owned subsidiaries.
Foreign banks operating in India before August 2010 will have the option of continuing their banking business in the country as branches, the RBI said in a release on Wednesday.
But they will be encouraged to convert their operations into wholly owned units to take advantage of the near nationwide treatment those who set up such structures receive, it said. (Reporting by Subhadip Sircar)
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