With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements : 1. There is no minimum c

Question

With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements :
1. There is no minimum capital requirement for wholly owned banking subsidiaries in India.
2. For wholly owned banking subsidiaries in India, at least 50% of the board members should be Indian nationals.

Which of the statements given above is/are correct ?

Accepted Answer

(D) Neither 1 nor 2

Answer

(A) 1 only

Answer

(B) 2 only

Answer

(C) Both 1 and 2