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StanChart may have a subsidiary in India

Standard Chartered Bank is expected to seek permission from the Reserve Bank of India next year to set up an Indian subsidary. According to news reports, the subsidiary will be set up in two years. The bank has been hesitating to take a decision in this regard for long but with a new management at the helm now it is veering towards having a subsidiary in the country. Several foreign banks, including DBS, State Bank of Mauritius, ABN Amro and First Rand Bank, have evinced interest in setting up wholly-owned subsidiaries. The RBI recently had said that laws pertaining to tax and stamp duty have been changed to facilitate conversion of branches into subsidiaries. Also, subsidiaries will be given neartotal national treatment as far as opening of non-urban branches are concerned.

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