Bank of China Obtains License to Operate in India


The Indian central bank has given the greenlight to Bank of China’s (BOC) entry into the domestic financial market.

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.

Related stories

Bei­jing-backed AIIB Ap­proves USD$750 Bil­lion COVID-19 Loan to In­dia Amidst Bor­der Fra­cas

Great Wall Mo­tors Signs MoU to In­vest USD$1 Bil­lion in In­dian State of Ma­ha­rash­tra

Chi­nese Cen­tral Bank In­creases Stake in In­di­a’s Biggest Mort­gage Lender

Saudi Ara­bia Grants Li­cense to Bank of China

Bank of China Ex­pands Over­seas Reach Via Silk Road Ini­tia­tive