From Breakingviews - India watchdog ire cools foreign banks’ ambitions
and others will have to set aside more capital if they want to continue dealing with entities ESMA doesn’t recognise. Capital costs could soar by over 12 times, one European-based bank executive told Breakingviews.
The ideal solution would be for Europe and India’s regulators to resolve their differences. The Reserve Bank of India, for example, could in theory strike a deal that sets boundaries on on-site visits, ashas done. Either way, India’s decision to holdout with ESMA when other rising powers like China signed up, has left many bankers scratching their heads.
Google has championed, and which is gaining acceptance with overseas regulators including in developed countries. Yet the standoff risks damaging India’s reputation rather than burnishing it.
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