Osborne calls for easing of foreign banking guidelines

George Osborne, chancellor of exchequer, UK, has asked India to liberalise licensing norms for the UK banks through the implementation of the reforms set out in the Reseve Bank India s 2005 road map. The dynamism of India s capital and equity markets demonstrate the potential for other parts of the financial sector like banking, he said while addressing the captains of trade and industry in Mumbai. He also suggested reforms in insurance sector by following through on India s welcome commitment to raise the cap on foreign investment from 26% to 49%. Offer British banks licences in the medium-sized towns and smaller ...

More...