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SBI, BoI allowed to operate in Pakistan

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

Press Trust of India  |  Singapore 

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 are State (SBI) and (BoI).

On the other hand, quasi-state owned National Bank of 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

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

First Published: Wed, August 22 2012. 19:14 IST
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