New Delhi, January 2, 2026 (PIB Delhi) — Secretary, Department of Financial Services (DFS), Shri M. Nagaraju, today chaired a meeting of the Inter-Departmental Committee (IDC) to examine proposals submitted by foreign banks seeking to open branches, representative offices, or subsidiary companies in India.
The meeting was attended by representatives from the Ministry of Home Affairs, Ministry of External Affairs, Department of Commerce, and the Reserve Bank of India (RBI). The proposals under consideration had been forwarded by the RBI for inter-ministerial evaluation.
After detailed deliberations, the committee recommended the proposals placed before it.
The IDC functions under the Department of Financial Services as the nodal department for evaluating applications received from foreign and domestic banks. Before arriving at a consensus, the committee consults member ministries and departments—including the Ministry of Home Affairs, Ministry of External Affairs, and the Ministry of Finance—to assess proposals from security, political, and economic perspectives.
