Question
How many foreign banks operating under the wholly owned
subsidiary (WOS) model have been appointed as agency banks by the RBI as of 2023?Solution
As of 2023, only one foreign bank, DBS Bank India Limited, operating under the wholly owned subsidiary (WOS) model, has been appointed as an agency bank by the RBI. This appointment allows DBS Bank India Limited to conduct government-related transactions. Agency Banks: Includes scheduled public and private sector banks, along with this sole foreign bank operating under the WOS model.
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