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Nod for Chinese Bank
July 15 , 2018
2317 days
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- Bank of China — one of the four biggest state-run Chinese lenders — has received in-principle approval from the Reserve Bank of India (RBI) to open branches in India.
- The Beijing-based lender has a presence in 51 countries.
- The lender is categorised as a Global Systemically Important Bank (GISB) by the Basel Committee on Banking Supervision.
- Industrial and Commercial Bank of China (ICBC) is the other Chinese lender that has presence in the country along with 44 other foreign banks.
- RBI had promised if foreign lenders adopt wholly-owned subsidiary route than they would be treated at par with domestic banks that enjoy liberalised branch licence regime.
- Foreign banks that operate through branch route face a restrictive regime as they have to take RBI’s prior approval for opening each branch.
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