Morgan Stanley gets RBI nod for banking licence

Morgan Stanley has received an in-principle approval from the RBI for a banking licence, a spokesman for the US bank said on Wednesday, confirming a newspaper report.

The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers, the newspaper said, citing people familiar with the matter.

The bank is unlikely to get into retail banking due to tough competition from local banks, the paper said.