Banks in India were also allowed in May 10, 2007 to extend funded and / or non-funded credit facilities to wholly owned step-down subsidiaries of subsidiaries of Indian companies (where the holding by the Indian company is 51 per cent or more) abroad.
Mario Draghi: Opening of the cultural days of the European Central Bank – Italy 2011 Address by Mr Mario Draghi, Governor of the Bank of Italy and Chairman of the Financial Stability Board, at the opening of the cultural days of the European Central Bank – Italy 2011, European Central Bank, Frankfurt am Main, 19 October 2011.