Which of the following statements correctly reflects the decision taken by the Reserve Bank of India pertaining to the number of branches of a foreign bank in India ?
I. The foreign banks are asked to restrict the number of their branches upto ten only. They have to shut down their branches in excess to this number.
II. The foreign banks are asked not to close their branches without informing the RBI well in advance.
III. Foreign banks are required to submit a well chalked out plan of their shutdowns, if any, to RBI for approval.