Reserve Bank of India (RBI)

Argus Partners has added Reserve Bank of India (RBI) principal chief general manager Pramod Panda as a partner in Mumbai, to set up its financial regulatory practice.

The Supreme Court has increased transparency in the banking sector by holding that the Reserve Bank of India (RBI) cannot deny information sought under the right to information (RTI) law merely by citing economic interest and the central bank’s fiduciary relationship with banks.

The Gujarat high court has struck down the part of the Reserve Bank of India (RBI) circular governing wilful defaulter notices, which restricts all directors of wilful defaulter companies from banking services for other businesses for five years.

Former Reserve Bank of India (RBI) deputy governor Anand Sinha joined Amarchand Mangaldas yesterday as senior advisor (financial services) in Mumbai.

Verus Advocates partner Jay Parikh explains why the Reserve Bank of India recently announced it won’t dictate valuation of shares for foreign investors anymore.

The Reserve Bank of India proposed in a statement yesterday that it would allow foreign banks’ wholly owned subsidiaries to open branches anywhere in India as local banks have been allowed to do. Most foreign banks in India operate as branches as not wholly-owned subsidiaries at the moment, reported Reuters. Foreign-owned subsidiaries would have to have a capital of at least Rs 500 crore ($80 million) and capital adequacy ratios of at least 10 per cent under the proposal.

Southeast Asia’s largest bank DBS would be willing to expand under the new rules immediately, reported Bloomberg, though banks were cautious commenting to media until they could examine the new rules in detail. The conversion would place the foreign banks under additional regulatory oversight, with the RBI suggesting that around 12 foreign banks were “systemically important” enough – i.e., large enough – to be compulsorily required convert to the new structure, reported Mint.