No special status for Singapore: RBI

No special status for Singapore: RBI

BS Reporter / Mumbai September 14, 2007

The Reserve Bank of India (RBI) may treat banks from Singapore like any other foreign bank and subject them to the rigours of the branch licensing policy that is applicable to all foreign banks. This is despite the Comprehensive Economic Co-operation Agreement (CECA) signed with the Monetary Authority of Singapore (MAS).

RBI Deputy Governor V Leeladhar told reporters today that there could not be a reciprocal arrangement with Singapore in allowing banks from the city state a greater freedom in establishing presence in India.