Citibank rules out India subsidiary, informs RBI Maharashtra : - TopicsExpress

Citibank rules out India subsidiary, informs RBI Maharashtra : Citibank has ruled out setting up a subsidiary in India and has officially informed the Reserve Bank of India about its decision.The banking regulator was hoping to convince a few foreign banks to operate in India through wholly-owned subsidiaries (WOSes). But, according to people familiar with the development, Citibank recently wrote to RBI saying it had no plans to establish a WOS in India at this point.

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