The foreign branches of Indian banks can now offer financial products, including structured products, which the regulator does not allow onshore without prior approval.
Effective from 1 December, a framework set up by the Reserve Bank of India (RBI) enables the foreign branches or foreign subsidiaries of Indian banks and all India financial institutions (AIFIs) to deal in financial products, including structured financial products, which are not available or are not permitted by the central bank in India without prior regulatory approval. Cooperative banks, regional rural banks and local area banks are excluded from the list of eligible banks. The new rules a