IFSCA (International Financial Services Authority) on 29th march, 2023 published a consultation paper seeking public comments and views on the proposed International Financial Services Authority (IFSCA) (Banking) (Amendment) Regulations, 2023.
The proposed amendments to the banking regulations, inter alia, proposes to:
- Permit IBUs to be set up as a subsidiary company of the parent bank.
- Specify the base capital required to commence operation as a subsidiary company of the parent bank at USD 50 million with discretion provided to the Authority to specify any other level of capital.
Public comments are invited in the prescribed format via mail to supriyo.b@ifsca.gov.in and manisha.khuntia@ifsca.gov.in on or before June 19, 2023 in M.S Excel or MS Word format.
