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Bank of China Gets RBI’s Approval to Set up Branch in India
July 09, 2018
The Bank of China has been giving a green signal for establishing a branch in India with India’s central bank RBI bossing a seal of approval on its licence application. This follows Prime Minister Narendra Modi’s meeting with the Chinese President Xi Jinping during the SCO commit in which he gave him a commitment to allow Bank of China to set up branches in India.
Bank of China is one of the few government-owned banks in China. Despite the boundary dispute, India and China are keen on bolstering their economic ties.
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