Bank of China gets RBI licence to open branch in India

1 min read
China 1

New Delhi:The Reserve Bank of India has issued a licence to Bank of China to launch operations in India, official sources said.
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 SCO summit in Chinese city of Qingdao last month.
“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,” said a source.
Bank of China is one of the very few state-owned commercial banks in China.
India and China have been focusing on expanding their economic ties notwithstanding differences on several sticky issues including on the boundary dispute.
After last year’s Doklam standoff, both the countries have stepped up dialogue at various levels to reset the ties.
Meanwhile, the sources said Chinese Defence Minister Wei Fenghe is scheduled to visit India soon and both sides are in the process of finalising the date

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)

Discover more from The Kashmir Monitor

Subscribe now to keep reading and get access to the full archive.

Continue reading

Don't Miss

ggg

Paradise calling: New survey says Kashmir most sought-after destination for solo traveling

Srinagar: Jammu and Kashmir is one of the most sought-after destinations for
RRR 1

RRR knocks out `The Kashmir Files’, earns Rs 257 Cr on Day 1  

S Rajamouli’s RRR (Roudram Ranam Rudiram) has knocked out `The Kashmir Files’