UPSC CSE Prelims 2024 Q49 — Economy PYQ with Answer

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 ?