New Delhi, Nov 20 (UNI) The Secretary of the Department of Financial Services (DFS), Ministry of Finance, M Nagaraju, chaired a crucial meeting of the Inter-Departmental Committee (IDC) on Thursday, focusing on proposals related to the expansion and relocation of foreign and Indian bank branches. The Ministry of Finance issued a statement outlining the key discussions and decisions.
The IDC, comprising representatives from key ministries including the Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA), Department of Commerce (DoC), and the Reserve Bank of India (RBI), reviewed applications from foreign banks seeking to establish new branches, representative offices, and subsidiaries in India. Simultaneously, the committee evaluated proposals from Indian banks aiming to expand their overseas footprint through similar structures.
Additionally, the committee examined requests from foreign banks for relocating their existing branches within India. After thorough deliberations, the IDC recommended the proposals under consideration, signaling a positive step toward enhancing banking connectivity and cooperation.
Operating under the Department of Financial Services, the IDC serves as the nodal authority for appraising expansion requests from both foreign and domestic banks. Its consultative process with multiple ministries ensures that decisions are made through a comprehensive, consensus-driven approach that balances economic, security, and diplomatic considerations.
This meeting reflects the government’s commitment to fostering a robust, globally integrated banking sector while maintaining regulatory oversight and safeguarding national interests.
