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Bank Of China Gets RBI Clearance To Operate In India

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| July 4 , 2018 , 14:12 IST

The Reserve Bank of India has issued licenses to Bank of China on Wednesday to open a branch in India. This was a commitment made by Prime Minister Narendra Modi to the Chinese leadership as per ANI.

Bank of China is a 106-year-old Bank with a market capitalisation value of $158.6 Billion. Reportedly, the Bank had applied to get a security clearance in the month of July 2016 and it is not for the first time for a Chinese bank to secure a license in India. Industrial & Commercial Bank of China Ltd. was the first Chinese bank to open a branch in Mumbai.

As per the reports, Chinese President Xi Jinping and Prime Minister Narendra Modi had discussed to allow Bank of China to open a branch in India at a meeting on the sidelines of the SCO summit on June 4, 2018.

Also Read: India's External Debt Up By 12.4% In 2018: RBI 

Congress party spokesperson Randeep Singh Surjewala questioned if this was the hidden agenda of Prime Minister Modi's visit to China in April. The agenda-less visit had come under severe criticism from Congress top leadership.

As per RBI, over 45 International banks and their 286 branches are operating in India as on January 31, 2018. Standard Chartered Bank of the United Kingdom has 100 branches in the country which is the highest.