Date:07/12/2004 URL: http://www.thehindubusinessline.com/2004/12/07/stories/2004120700070800.htm

Back Offshore banking

An earlier edition of the ``Report on Trend and Progress of Banking in India'', a statutory report brought out by the Reserve Bank of India (RBI), carried a section on offshore banking, which had been inaugurated with much fanfare. I looked in vain for an update in the latest report only to find that OBU (offshore banking unit) was in the `List of select abbreviations' in the document.

Bankers and researchers who had worked on the subject in the past would like to know the progress made so far. Instead of waiting for the next year's annual report, the RBI should consider preparing an article on the strides made and the reasons, if any, for lack of progress, for publication in the RBI Bulletin.

This is a matter of great importance to both Government and the RBI in view of its interface with money supply.

A. Seshan

Mumbai

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