Four Asian Banks Get Clearance To Open Branches in India

Monday, July 9, 2018

By Nikunj Ohri

At least four Asian banks have received government approval to increase their footprint in India.

A senior government official told BloombergQuint the proposals pertained to the banks expanding their operations and opening new branches in India. The government has conveyed to the Reserve Bank of India it has no objection over the same, the official said.

The banks are:

  • Iran’s Bank Pasargad that wants to open its first Indian branch in Mumbai.
  • South Korea’s KEB Hana Bank, which wants to open its second branch.
  • South Korea’s KB Kookmin Bank wants to convert its Gurugram office into a branch.
  • Bank of China, which intends to open its first branch in India in Mumbai.

These proposals were considered by an inter-departmental committee comprising the home secretary, the secretaries of the ministries of commerce, financial services, external affairs and the chief general manager of the RBI.

Photo courtesy of Satish Krishnamurthy.

Source: Bloomberg Quint (link opens in a new window)