India Development News & Foreign Investment Opportunities

RBI licences BOC

First branch expected soon

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First branch expected soon

 

 

 

The Reserve Bank of India (RBI) has issued a licence to Bank of China to set up branch operations in the country, according to Indian media reports.

“The RBI has issued licence to Bank of China to set up its first branch in India. It was a commitment made by the Prime Minister to the President of China,” media quoted an official as saying on 4 July 2018.

Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the Shanghai Cooperation Organization summit in Chinese city of Qingdao last month.

Bank of China has been seeking a banking licence in India for the past several years.

Financial sector sources said BOC, which has been anticipating license since last year, is expected to open a branch soon.

Its aircraft financing unit is actively leasing planes to a number of airlines in India. fiinews.com

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