4 Asian Banks Receive Clearance To Operate In India

Some of these Asian banks have been given a go-ahead by the government which has conveyed its approval to the RBI that is no objection on the same. And these banks are set to make their mark in the Indian sub-continent including Bank of China, Bank Pasargad of Iran and South Korea's KEB Hana Bank and KB Kookmin Bank.

The proposal relating to the embarking of some of the Asian bank in India was considered by an inter-departmental committee that included the home secretary, the secretaries of the ministries of commerce, financial services, external affairs and the chief general manager of the RBI.

However two of the Asian banks including the Industrial and Commercial Bank of China and Cooperative RaboBank have been stalled in respect of opening their second branch in India.

At the same time, some of the proposals from banks including NongHyup Bank of South Korea and Woori Bank of South Korea have been put on hold. While the proposal of Malayan Banking Bhd. or Maybank of Malaysia has been rejected to set up a bank branch in India.

While there is going on rationalisation of bank branches given the huge losses the banks are reeling under, RBI has given a no-objection clearance to SBI for opening its representative office in Qatar, a remittance centre in Singapore and a sub-office in Australia.

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