New Document top_band
 
Business Standard

SBI, BoI allowed to operate in Pakistan

Two banks from both the country will be allowed to operate across the border

Read more on:    Sbi | Pakistan | Operations | Bank Of India
Related News

India and have agreed to allow two banks each from both the countries to set up branches across the border, Governor of the State Bank of Pakistan, Yaseen Anwar said today.

"We have held discussions with the Reserve and both sides have agreed to issue a full banking licence to two banks of each country," Anwar told PTI on the sidelines of a conference organised by Institute of South Asian Studies.

The two Indian banks that will be allowed to operate in Pakistan are State Bank of India () and Bank of India (BoI).

On the other hand, quasi-state owned National Bank of Pakistan and privately-owned United Bank Ltd. Will be running full-banking across the border, once licensed by India.

"It will take few months to approve Indian banks' licences on receiving them," he said.

"We are ready to go tomorrow to India" to set up banking operations, Anwar said.

Discussions have been held with RBI Governor D Subbarao to issue banking licences, he said, adding that the process will help normalise trade relations between India and Pakistan.

Meanwhile, officials from the Bank of India in Singapore have recently visited Karachi for setting up an office in Pakistan, said Syed Hasan Javed, Pakistan High Commissioner to Singapore.

Read more on:   
|
|
|

Read More

Vijaya Bank cuts interest rates on MSME loans up to 1%

Vijaya Bank has slashed interest rates on MSME (Micro, Small and Medium Enterprises) loans by up to one per cent across the board, effective from ...

Quick Links

News Rss icon

LIC Housing Finance takes over Orbit Corp's Mumbai property

Orbit's total amount outstanding is Rs 95.50 crore including interest, expenses and other charges

VCES a rare opportunity, make fresh start, says Chidambaram

The FM asked hose in trade and industry to seize the offer

Govt allows greater flexibility for pension fund investments

But the EPFO board would need to approve the changes before they become official

Back to Top