BofA chief meets PM,; promises to expand operations in India

Encouraged by the prospect of higher growth, Bank of America (BofA) today said it plans to expand its banking operations in India with particular focus on infrastructure and energy sectors.
Bank of America Chairman and CEO Brian Moynihan said this during a meeting with Prime Minister Narendra Modi here.
The bank, a release said, will "expand its banking activities in India, and would expand its presence in capital markets, particularly in infrastructure and energy sector investment".
In the course of the interaction, Moynihan said that he expected the Indian economy to grow at a fast pace, and that "the world had changed its perception about India".

Bank of America has branch offices in Mumbai, New Delhi, Kolkata, Chennai, and Bengaluru.
Earlier in the day, the government announced an Inter-Ministerial Committee to fast-track investment proposals from USA and to address the issues related to implementation.
The Committee headed by the DIPP Secretary will identify bottlenecks faced by the US investors in the implementation of their investment proposals and address them in consultation with all other agencies and state governments concerned.