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What is RBI Updates IFSC Banking Unit Norms about?

The RBI has tweaked norms for setting up IFSC Banking Units by banks in International Financial Services Centres. Key changes include mandating parent banks to maintain a minimum capital of $20 million and issue letters of comfort to provide capital or liquidity support. The altered norms are applicable to units set up in GIFT City and other approved IFSCs in India. The changes aim to consider minimum capital requirements at the parent level rather than the unit level.

Author

avk1975

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EN