Hong Kong China 3:
(WT/TPR/S/249, p.143, para. 70)
We also note that since 1 December 2009, Indian banks no longer require a licence from the Reserve Bank of India (RBI) to open a branch in areas with a population below 50,000, subject to reporting. Would the "licence exemption" apply to foreign banks under the same circumstance?
Reply: The opening of branches by foreign banks, existing and new, in India is subject to a limit of 12 branches in a year, as per India's commitments to WTO. Therefore, the general permission granted to domestic scheduled commercial banks is not applicable to foreign banks.
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