Bank of China Ob­tains Li­cense to Op­er­ate in India

The Re­serve Bank of In­dia (RBI) an­nounced that it would al­low BOC to of­fer reg­u­lar bank­ing ser­vices in In­dia af­ter is­su­ing the Chi­nese state-owned lender with a do­mes­tic li­cense, ac­cord­ing to a re­port from The Eco­nomic Times from 4 July 2018.

“We ad­vise that the ‘Bank of China Lim­it­ed’ has been in­cluded in the Sec­ond Sched­ule to the Re­serve Bank of In­dia Act, 1934,” said RBI in a state­ment.

The Sec­ond Sched­ule to the Re­serve Bank of In­dia Act of 1934 en­com­passes all In­dian com­mer­cial banks, in­clud­ing SBI, Pun­jab Na­tional Bank and ICICI Bank.

In­dian Prime Min­is­ter Naren­dra Modi pre­vi­ously com­mit­ted to al­low­ing BOC to open branches in In­dia dur­ing a meet­ing in Qing­dao for the Shang­hai Co­op­er­a­tion Or­gan­i­sa­tion held June 2018.