(a) whether the Government has decided to allow only a few selected Public
Sector Banks to open branches abroad ;
(b) if so, the details thereof and the reasons therefor ;
(c) whether some private banks have also been allowed to open branches
abroad; and
(d) if so, the details thereof ?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE MINISTER (SHRI P. CHIDAMBARAM)
(a)to(d) : A statement is laid on the Table of the House.
STATEMENT FOR LOK SABHA STARRED QUESTION NO.354 FOR 16th
DECEMBER, 2005 REGARDING BANK BRANCHES ABROAD TABLED BY
SHRI M.P. VEERENDRA KUMAR
(a)&(b) : All Indian banks are allowed to open branches abroad based on
certain prudential parameters keeping in view their over all ability to withstand
international competition. Banks are also permitted to enter into joint ventures
with Banks abroad as also set up subsidiaries.
(c)&(d) Yes, Sir. ICICI Bank Ltd has a branch each in Bahrain and Singapore.It
also has two wholly owned subsidiaries abroad. Bharat Overseas Bank Ltd has
a branch in Thailand. ICICI Bank Ltd has also been granted permission to open
a branch in USA.