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Foreign banks fret over RBI’s proposal for a board in India
Synopsis
The foreign lenders are flummoxed by the regulator’s suggestion to form board of directors in India.
MUMBAI: Foreign banks in India are coming together to voice their concerns about the Reserve Bank of India’s recommendations on a new governance framework for commercial banks.The foreign lenders, which do business through a network of branches, are flummoxed by the regulator’s suggestion to form board of directors in India.Such a board, presiding over branch offices, is neither legally feasible nor effective, they believe. Besides, it may not
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