Swiss bankers urge RBI to relax norms

With an eye on growing business opportunities for corporate banking and trade finance in India, Switzerland-based banks have sought further reforms in rules and regulations to establish bank branches and offices in the country.

Swiss banking professionals under the agies of the Swiss Bankers Association (SWA) today met the Reserve Bank of India (RBI) officials to discuss areas of cooperation.

They also apprised the Indian banking regulator about the steps that Swiss authorities had initiated to implement stringent anti-money laundering laws.

Elaborating on the purpose to India visit, Pierre Mirabaud, the chairman of SWA, said, "We want to get a first-hand view of India's economic development and the implications for India's financial services industry."

The association also wants to start a dialogue with the Indian financial authorities as well as with Indian professional colleagues and, in particular, discuss developments in the financial markets regulation.

Mirabaud said, "India is the world's fastest-growing major economy after China and its strong growth has been accompanied by rising integration into global trade and finance."

In a globalised environment, the market (in India) should be open for foreign participants. The process of getting banking licence should be made friendly, transparent and predictable, he said.

Swiss banks will like to increase their presence in India, especially in trade and corporate finance. They (Swiss banks) are not specialised in the retail segment.