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3 banks get RBI approval for China foray
By agencies
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Friday, 24 June 2005, 19:30 IST
MUMBAI: First it was the turn of Indian corporates to set up representative offices and manufacturing units in China. Now it is the turn of Indian banks to set up offices in the dragon land.
Three Indian banks have recently received approval from Reserve Bank of India to open representative offices in China and many more may be waiting in the wings.
Allahabad Bank, UTI Bank and UCO Bank have got RBI permission for opening representative offices in China and are waiting for approval from the monetary authority in China.
Currently, steel, pharmaceutical and textile manufactures are investing heavily in China.
UTI Bank is seeking permission for a rep office in Shanghai and a branch in Hong Kong. The bank has also got approval for four branches in Sri Lanka. "We are trying to get a small portion of the growing Indo-China trade," said a bank official.
UCO Bank proposes to set up one branch in Thailand and rep offices in China and Dubai.
State Bank is the only one that has so far received permission from Chinese authorities to open a branch in China.
Banks, which have rep offices in China, include Bank of Baroda, Bank of India and Punjab National Bank.