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RBI Modifies Norms on IFSC Banking Units

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RBI Modifies Norms on IFSC Banking Units
Modifying the norms for setting up IFSC banking units, RBI said today that the parent bank will be required to provide and maintain at all times a minimum capital of Dollar 20 million to its IBU. In April 2015, the Reserve Bank had formulated a scheme for setting up of International Financial Services Centres (IFSC) Banking Units (IBUs) by banks in IFSCs. RBI said modification has been made based on suggestions from stakeholders to consider minimum prescribed regulatory capital at the parent level rather than at the IBU level. — PTI

The Economic Times,New Delhi,18th May 2018

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