British banking major HSBC is willing to take whichever route the Reserve Bank prescribes for it to operate in the country, including going the subsidiary way, a top official has said.
“We will move whichever way the RBI requires us to do,” HSBC India Country Head Naina lal Kidwai told the news agency on the sidelines of an event here, when asked if the bank will be fine with going the subsidiary way.
The comments come in the wake of recent reports that RBI had firmed up its mind on the way forward for foreign banks and would be insisting on them to operate as subsidiaries.
A formal announcement from the RBI is likely soon as it has already come out with the final guidelines on new private banks.
Experts say this will help ring-fence operations here by insulating them from the risks taken by their parents in other home markets or elsewhere. PTI