11A.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Opening of Branches/Offices in India by Foreign Banks
Opening of branches/offices in India by banks incorporated abroad (foreign banks) requires permission of Reserve Bank under Section 22 of the Banking Regulation Act, 1949. Applications for the purpose should be made to the Chief General Manager, Department of Banking Operations and Development, Reserve Bank of India, Central Office, Mumbai 400 001. Remittance of net profits/surplus by Indian branches of foreign banks to their Head Offices abroad, however, requires prior approval of the Exchange Control Department of Reserve Bank. (See paragraph 11C)