New Delhi, Jan. 2 -- The Secretary of the Department of Financial Services, M Nagaraju, chaired the Inter-Departmental Committee (IDC) meeting on Friday to consider proposals received from the Reserve Bank of India regarding foreign banks seeking to open branches, representative offices, or subsidiaries in India.

It was attended by member ministries or departments, i.e., the Ministry of Home Affairs (MHA), the Ministry of External Affairs (MEA), the Department of Commerce (DoC) and the Reserve Bank of India (RBI), according to an official release by the Ministry of Finance.

During the meeting, after due deliberations, the Committee recommended the proposals placed before it.

IDC is a committee wherein the Department of Financial Servic...