9B.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Opening of Overseas Branches by Indian Banks
Opening of branches abroad by Indian banks requires permission of Reserve Bank under Section 23 of the Banking Regulation Act, 1949. Indian banks wishing to open branches abroad should apply to the Chief General Manager, Department of Banking Operations and Development, Reserve Bank of India, Central Office, Mumbai. After the application has been approved by that Department, the bank should apply to the Chief General Manager, Exchange Control Department (Forex Markets Division), Reserve Bank of India, Central Office, Mumbai for release of foreign exchange for initial remittance, if such remittance is necessary.
NOTE: Opening of representative offices abroad by Indian banks also requires permission of both the Department of Banking Operations and Development and the Exchange Control Department of Reserve Bank.