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Pakistan to open three banks in India

Pakistan to open three banks in India
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First Published: Fri, May 04 2007. 01 40 PM IST
Updated: Fri, May 04 2007. 01 40 PM IST
PTI
New Delhi: Three Pakistani banks, including Habib Bank, National Bank of Pakistan and United Bank, have expressed interest in opening branches in India.
The development followed an agreement reached between the RBI and State Bank of Pakistan (SBP) to permit opening of two branches by banks from India and Pakistan on a reciprocal basis, Minister of State for Finance Pawan Kumar Bansal told the Lok Sabha in a written reply today.
Reserve Bank of India (RBI) has proposed the names of State Bank of India and Bank of India for opening branches in Pakistan, the minister said.
He further said that banks would be permitted to open branches on terms to be mutually agreed between the RBI and SBP keeping in view the respective regulatory policies and procedures.
The governors of RBI and SBP in the meeting last year had agreed to provide licences to banks of the two countries to open branches on reciprocal and simultaneous basis.
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First Published: Fri, May 04 2007. 01 40 PM IST