The government has undertaken a comprehensive review of foreign banking proposals as an inter-departmental committee evaluates applications from international financial institutions seeking to establish operations in India. The structured approach demonstrates the government's systematic oversight of foreign banking sector expansion.

Committee Structure and Leadership

The inter-departmental committee (IDC) operates under the chairmanship of Department of Financial Services (DFS) Secretary M Nagaraju, functioning as the nodal department for evaluating both foreign and domestic banking proposals. The committee's composition reflects a multi-ministerial approach to banking sector oversight.

Application Review Process

The committee's recent meeting focused on examining proposals received from the Reserve Bank of India for foreign banks seeking various forms of establishment in India. The applications encompass multiple operational structures that foreign banks can adopt for their Indian presence.

The types of establishments under review include:

• Branch operations
• Representative offices
• Subsidiary formations

Following detailed examination and deliberations, the committee recommended the applications placed before it, indicating a positive assessment of the proposals under consideration.

Multi-Layered Evaluation Framework

The evaluation process incorporates a comprehensive assessment methodology that extends beyond purely financial considerations. The committee seeks inputs from different ministries to conduct thorough due diligence on each proposal.

This multi-dimensional approach ensures that foreign banking proposals align with India's broader regulatory framework and national interests before receiving approval.

Strategic Oversight Mechanism

The IDC represents the government's structured approach to managing foreign banking sector entry and expansion in India. The committee's mandate extends to both foreign and domestic banking proposals, ensuring consistent evaluation standards across all applications.

The consultation process involves extensive coordination among member ministries and departments, with each contributing specialized expertise to the overall assessment. This collaborative framework enables comprehensive evaluation that addresses various aspects of banking sector development while maintaining regulatory integrity and national security considerations.

M&M Financial Services has announced the resignation of its Chief Business Officer, Mr. Bijoy Thaplial, effective December 31, 2025. The departure marks a significant change in the company's senior management structure as Thaplial steps down from his role overseeing leasing, partnerships, and payments operations.

Resignation Details

The company filed a formal intimation with stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. According to the regulatory filing, Thaplial tendered his resignation citing personal reasons, as documented in his resignation letter submitted to the company.

Regulatory Compliance

The financial services company fulfilled its disclosure obligations by informing both the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about the senior management personnel change. The notification was signed by Chief Financial Officer Pradeep Agrawal and submitted on December 31, 2025, at 18:56:25 IST.

The company has also uploaded this intimation on its official website under the investor relations section for regulatory filings, ensuring transparency with stakeholders and compliance with SEBI Master Circular requirements.

Management Transition

Thaplial's departure removes a key executive from the company's leadership team responsible for critical business verticals including leasing operations, strategic partnerships, and payment solutions. His role encompassed significant operational responsibilities within the financial services organization's business development and partnership management functions.