Dutch lender ABN Amro has submitted an application to the Reserve Bank of India (RBI) to open a wholly owned subsidiary in the country.
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ABN Amro becomes the third lender to seek RBI approval to convert its Indian franchise into local subsidiary.
Singapore lender DBS was the first to make the move, followed by State Bank of Mauritius.
In November 2013, the RBI introduced a new policy, under which foreign lenders were ensured tax and stamp duty benefits and near-total national treatments if they converted their India branches into subsidiaries.
In addition, the new rules also mandated foreign banks having 20 or more branches to set up local subsidiaries, while banks entering the country after August 2010 were mandatorily required to follow the local subsidiary route.
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By GlobalDataCurrently, there are about 100 foreign lenders in India, all of them operating through branches or representative offices.
