Updated By: LatestGKGS Desk
RBI gives permission to Bank of China to work in India as per SCO promise
Reserve Bank of India (RBI) permits Bank of China to open branches in India following PM Narendra Modi and Xi Jinping meeting at SCO, Quingdao
Reserve Bank of India has issued the license to Bank of China for opening its overseas branches in India on Wednesday, 4th July 2018. Reserve Bank notification for the issue of the license to Bank of China comes under the commitment made by Prime Minister Narendra Modi during his last month meeting with Xi Jinping at Shanghai Cooperation Organization (SCO) in Qingdao.
Bank of China is one of the government-owned banks of the Chinese government.
The Issue of the license is one more step towards strengthening ties between two neighboring countries having severe disputes over international boundaries.
Prime Minister Narendra Modi and Chinese President Xi Jinping government showing deep commitment towards making business and trade ties in Asia.
India and China are two leading world economies with 61.7% of total world population.
