MUMBAI: The Reserve Bank on Thursday allowed with certain riders foreign branches and subsidiaries of Indian banks to deal in financial products that are not specifically permitted in the domestic market.
On a review, an RBI circular said it was felt that a framework needs to be in place to allow them to undertake activities which are not specifically permitted in the Indian domestic market and also to specify the applicability of these instructions to International Financial Services Centers (IFSCs) in India, including Gujarat International Finance Tec-City (GIFT City).
