With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements:

With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements:

With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements: There is no minimum capital requirement for wholly owned banking subsidiaries in India. For wholly owned banking subsidiaries in India, at least 50% of the board members should be Indian nationals. Which of the statements given above is/are correct? (a). 1 only (b). 2 only (c). Both 1 and 2 (d). Neither 1 nor 2 Explanation: Statement 1: Incorrect - The Reserve Bank of India (RBI) has a minimum capital requirement for wholly owned banking subsidiaries (WOS) in India. Statement 2: Correct - This is a requirement imposed by the RBI on WOS of foreign banks in India Therefore, option (b) only 2 is correct.