To improve financial sector, government have made two new development recently,1) granting license to new private banks 2) and release of RBI guidelines for foreign banks. It was based on one major theme,"the formation of wholly-owned subsidiaries(WOS)", in the order to increase business in India. The origin of the new policy is to be traced to the year 2004 when the govt relaxed FDI limits to 74% in private sector banks .If the latest policy is to succeed to attract most of the foreign banks, there will be a great increasing in the Indian banking sector.
How foregoing banks fare in the new dispensation will matter. That is something everyone would be interested in. Some of the foreign banks have had a long association with India in the terms of business and balance sheet expansion. Even the world's largest banks have been laggards.In the past they could blame restrictive policies o Indian government. But they have a more conductive environment now.
In short many foreign banks will be in Que for setting their many branches in India and definitely lot more jobs is surely coming to most of the unemployed talented graduates in India in coming 2-3 years in banking sector. Lets hope for the best...
Rakesh Mehta
How foregoing banks fare in the new dispensation will matter. That is something everyone would be interested in. Some of the foreign banks have had a long association with India in the terms of business and balance sheet expansion. Even the world's largest banks have been laggards.In the past they could blame restrictive policies o Indian government. But they have a more conductive environment now.
In short many foreign banks will be in Que for setting their many branches in India and definitely lot more jobs is surely coming to most of the unemployed talented graduates in India in coming 2-3 years in banking sector. Lets hope for the best...
Rakesh Mehta
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