Quote:
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Originally Posted by andyl
"Local financing
All sources of local financing are available to foreign-participation companies incorporated in India, regardless of the extent of foreign participation. Under foreign exchange regulations, foreigners and non-residents, including foreign companies, require the permission of the Reserve Bank of India to borrow from a person or company resident in India."
http://finance.indiamart.com/investm...dia/banks.html |
So surely that includes people of Indian descent, who are British? And foreign nationals CAN open a bank account in India.
What Lloyds TSB should be saying is that they require proof of an Indian bank account, not proof of Indian descent. By saying what they have, they are distorting the facts a little.
Anyway, the article stated that if you can prove Indian descent (even if you are a British national, and hence a foreigner in India), they will open an Indian bank account for you. Presumably the Indian banking regs apply to them too, so how can they guarantee permission from the Reserve Bank of India?
I don't wish to sound pedantic, but Lloyds TSB have just made what some perceive to be a discriminatory move, and used the excuse of regulations which are being somewhat mis-represented.