Business Standard

SBI, BoI allowed to operate in Pakistan

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

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 (SBI) 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:   
|
|
|

SBI, BoI allowed to operate in Pakistan

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

India and Pakistan 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.

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 (SBI) 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.

image

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 ...

Recommended for you

Quick Links

More news from Finance Rss icon

Jaitley to attend inaugural meet of BRICS bank at Moscow

During the four-day visit, he will also be participating at the functions on the sidelines of the BRICS Summit at Ufa

Housing finance firms look to raise funds through ECB route

HDFC to raise up to $500 mn; Tata Capital Housing, Dewan Housing Finance set to raise money through ECB

DBS India posts Rs 275-cr loss in FY15 on provisioning

This loss on the book was mainly on account of a clean-up of its bad loans portfolio

Back to Top