Confirmation of the possible quid pro quo for ICICI Bank

It feels good to get one of the predictions right even if it was just 50%!, I did mention that the US Federal Reserve has approved ICICI Bank's application to open a branch in USA, and that might be a quid pro quo.

In today's FT, this is confirmed.

ICICI's US move follows the approval several months ago by India's central
bank, the Reserve Bank of India, of three new branch licences for Citigroup, the
first such approvals for the US bank in nearly three years.
The RBI allocates only a handful of new branch licences each year to foreign banks. These usually only allow them to open in outlying regions rather than prosperous urban centres.
Foreign banks have been lobbying hard for greater access to the
market but the RBI argues it is meeting its commitments under India's agreements with the World Trade Organisation.

All this to be taken with a grain of piquant salt!!!