Say True or False : Overseas Custodian Bank is a Indian Commercial bank established in the Public Sector by the Government of India.

False , 'Overseas Custodian Bank' means a banking company which is established in a country outside India and which acts as custodian for the equity shares of Issuing Company, against which IDRs are proposed to be issued, by having a custodial arrangement or agreement with the Domestic Depository or by establishing a place of business in India.