The draft paper put out in this regard has suggested making the subsidiary route more attractive by providing near national treatment to the wholly owned subsidiaries of foreign banks. Presence of foreign banks in subsidiary form will generate greater competition for the Indian banks as this route will open up nearly equal opportunity to foreign banks in business expansion within India.
BIS central bankers’ speeches  5  (d)  Adoption of IFRS  24. There are certain issues that need to be addressed in implementing the convergence with the IFRSs. First, the very crucial IFRS 9 relating to Financial Instruments is still evolving and the final standard is unlikely to be available soon.