India to relax controls of foreign banks, central bank chief says

Reserve Bank of India Governor Raghuram Rajan said India will announce rules in the next few weeks that give foreign banks the flexibility to establish subsidiaries in India without the requirement of a local partner. "We will allow you a lot of freedom on branching," he said at an event sponsored by the Institute of International Finance. There is even the possibility that foreign banks could take over Indian banks under the forthcoming rules, Rajan said.

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