Info Wire

RBI to evaluate the current practice of Foreign Bank in India
Mumbai, Feb, 23: Reserve Bank of India has Released the roadmap for presence of foreign banks in India to increase the efficiency of the banking system in the country.. The RBI’s prime goal was to consolidate the the domestic banking system including the public sectors and private sector. The second objective was was the gradual enhancement of overseas banks in a synchronized manner to inculcate the global practices in Indian system. The Road map was divided into two stages, the first stage was between March 2005 – March 2009, and the second stage will be beginning after the evaluation of the first stage. At the time of evaluation global financial turmoil surfaced and disturbed the financial equilibriums of global economy and there were tremendous uncertainties surrounding the financial strength of banks across the world. At that time it was considered by RBI to continue with the existing system however things are improved a lot so the regulator is considering the change in the system.