Current Affairs · Banking and Finance Regulations
Consider the following statements regarding the RBI's framework for the setting up of Wholly Owned Subsidiaries (WOS) by foreign banks in India: 1. The RBI mandates conversion to a WOS structure for foreign banks whose home countries provide preferential treatment to their own depositors over foreign ones. 2. The minimum paid-up capital for a WOS is ₹500 crore, and the capital must be brought in via rupee remittance or foreign bonds issued in India. 3. Foreign banks operating as WOS in India must conform to the priority sector lending norms applicable to domestic scheduled commercial banks, including 18% to agriculture and 10% to weaker sections. Which of the above statements is/are correct?
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1 and 3 only
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