Banks - Representative Office
Foreign banks, who wish to set up offices in countries other than of their country of origin, are termed as Representative offices. Representative offices of banks need permissions from the regulatory authorities before they can do the needful. Consent is required for the representative office to use the term ‘bank’ from the authorities and the representative offices of banks need to comply with certain operating requirements and meet certain necessities in order to do so. Representative offices are set up by banks to enable clients to visit a local office when they are abroad and representative offices carry out general duties like providing information, maintaining contacts etc.