Millennium Post

Pak banks to open branches in India

As many as 4-5 Pakistani banks are interested in setting up branches in India and are waiting for some movement in this area between the two countries, Pakistan’s central bank has said. “It is very unfortunate that there is no movement with regard to business and banking side between two countries.

Once the environment is more conducive, I am sure we both will have opportunity to learn together. There are a number of banks which are very interested to come and work in India,” State Bank of Pakistan Deputy Governor Saeed Ahmad said. He was recently on a visit to India for an event. “We informally have been asked by four-five major banks but since there has been no opening up as such, so no formal application has come,” he said when asked how many banks from Pakistan would be interested to have their operation in India. In August 2012, both the sides had agreed to issue full banking licenses to two banks from each country. However, there has not been any movement on this since then.

Minister of State for Finance Jayant Sinha recently said in the Lok Sabha that Reserve Bank of India (RBI) has informed of only two banks of Pakistan, Muslim Commercial Bank Ltd and United Bank Ltd, having applied for banking presence in India.
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