RBI issues Bank of China the licence to operate in India

BUDAPEST, HUNGARY - FEBRUARY 16: An advertisement for Bank of China stands on top of a building in the city center on February 16, 2015 in Budapest, Hungary. The World Bank is predicting 2.5% economic growth for Hungary in 2015. (Photo by Sean Gallup/Getty Images)
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The Reserve Bank of India has reportedly issued a licence to Bank of China on Wednesday to operate in India.

As per media reports, the decision has been initiated due to the commitment made by Prime Minister Narendra Modi to the Chinese leadership on the sidelines of the Shanghai Cooperation Organisation (SCO) summit.

In April this year, PM Modi met Chinese President Xi Jingping ahead of the SCO Summit in Qingdao, China. The leaders discussed issues of security and economic cooperation.

The Bank of China opened its first South-Asian branch in Pakistan’s Karachi last year.

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