The Prudential Regulation Authority (PRA) of Bank of England has issued a consultation paper outlining the new rules for Indian bank branches in the UK.
The new rules are part of UK’s precautionary measures to minimise banking related risks and protect the country’s banking system.
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According to the new rules, non-EU banks operating in the country must comply with the UK regulatory standards and that the international-headquartered banks must either operate in the UK as subsidiaries or lightly-regulated branches.
The new rules could affect five Indian banks including Bank of Baroda, Bank of India, Export-Import Bank of India, Syndicate Bank and State Bank of India, which operate as branches in the UK.
Bank of England spokesperson was quoted by Hindustan Times as saying that the consultation will close by the end of May and the new rules are expected to be implemented by September 2014.
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