Foreign banks as per RBI roadmap: Nath

The government said on Tuesday the Reserve Bank of India would consider the US demand for relaxing the branch opening norms for foreign banks in India as per the roadmap prepared by the country's central bank.

"The RBI has a roadmap and the decision has to be taken after a consensus is reached," Commerce and Industry Minister Kamal Nath told reporters after jointly addressing a Federation of Indian Chambers of Commerce and Industry meeting with US Commerce Secretary Carlos M Gutierrez said on Tuesday.

Earlier in the day, in his meeting with Gutierrez, Nath raised the demand of Indian banks wanting a liberal licensing regime in the US.

"We discussed ways to enhance trade and investment. There were specific issues that we talked about. These include Indian banks opening more branches in the US," Nath said.

The discussions, Nath said, also centered around development of infrastructure and piracy of Indian music.

In his speech at the Ficci meeting, Gutierrez expressed concern over India being a major global source of counterfeit medicines. "Enforcement is the key. Without protecting patents data India will not attract the R&D and innovation necessary for strong growth in sectors such as pharmaceuticals," he said.

Nearly three quarters of all US software in India was pirated, he said.

"The challenging regulatory climate continues to hamper commercial opportunities. While there are many success stories, there are also many stories of failed partnerships and business ventures," Gutierrez said.