The Reserve Bank of India has granted a banking license to Qatar's Doha Bank to begin operations in India.
The Doha Bank has also got the permission to open a branch in Mumbai to provide full-scale banking services.
According to Gulf news, Doha Bank is the only Qatari Bank to obtain a banking licence in India.
The bank will soon start its operations as a foreign bank branch and will offer wholesale banking, retail banking, treasury and trade finance services, the report said.
Shaikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman of Doha Bank Board of Directors, said the license will further enhance the niche role Doha Bank is playing and facilitate the movement of trade between Qatar and India.
The new banking licence is expected to boost the trade relations between the two countries.
Currently annual trade between Qatar and India is around 16 billion dollars, Al Thani added.
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