London: Britain has decided to establish a new set of rules that force the Indian Bank branches in Britain either to renovate the legal structures or stop the retail banking services unless there is “a very high level of assurance” from Indian bank regulators in the event of their failure.
These new efforts by the British Government is to minimize risks and safeguard the country’s banking system. It is expected that the new set of rules can overcome any unforeseen consequences from any failure of international banks who accept deposits through their branches in Britain.
A Bank of England spokesperson said that the rules are expected to come into force around September.