With reference to the rule/rules imposed by the Reserve Bank of India while treating foreign banks, consider the following statements : 1. There is no minimum capital requirement for wholly owned banking subsidiaries in India. 2. For wholly owned banking subsidiaries in India, at least 50% of the board members should be Indian nationals. Which of the statements given above is/are correct?
a
1 only
b
2 only
c
Both 1 and 2
d
Neither 1 nor 2
Banking SectorForeign Bank RegulationsReserve Bank of IndiaForeign banksWholly owned banking subsidiariesMinimum capital requirementBoard membersIndian nationals