RBI norms: 'Near national' treatment for foreign banks

Citibank NA, Hong Kong and Shanghai Banking Corp. Ltd (HSBC), Standard Chartered Bank and a few other foreign lenders may set up wholly owned subsidiaries (WOS) in India, as they will be treated like “near national” banks by the Reserve Bank of India (RBI) when it comes to opening branches in Asia’s third largest economy if they do so.

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