Scheme to convert foreign banks into wholly- owned units

The Reserve Bank of India (RBI) said that it will outline a scheme by mid-November to encourage
existing foreign banks to convert their Indian operations into wholly-owned subsidiaries (WoSs).
While it will not be mandatory for existing foreign banks in India such as Citibank, DBS, Deutsche
Bank, Standard to Chartered and HSBC convert their existing operations into subsidiaries, RBI will
come out with incentives to attract them for conversion.