New Delhi: The Reserve Bank of India on Wednesday issued licence to Bank of China to operate in India.
Bank of China is the second Chinese bank to secure a licence to operate in India. Earlier, Industrial and Commercial Bank of China (ICBC) already has been running a branch in Mumbai.
According to sources, the move has been initiated following Prime Minister Narendra Modi’s commitment to the Chinese leadership on the sidelines of the SCO summit.
Bank of China is one of the four major state-owned banks in China, and is considered the second biggest in the country by assets. It does have its branches in 27 countries including Australia, Ireland, Britain, France, Germany, Italy, Malayasia, South Africa, Japan, Singapore.
Bank of China does not have any branches in India yet, with this decision of RBI, Bank of China can now operate in India.