An understanding has been reached between the Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) on granting permission for opening two branches of banks in each others country, on a reciprocal basis.
Pawan Kumar Bansal, Indian Minister of State for Finance informed the Lok Sabha on Friday the specific banks to be permitted to open the branches would be mutually agreed upon by RBI and SBP keeping in view their respective regulatory policies and procedures.
The Indian Reserve Bank has proposed to State Bank of Pakistan the names of State Bank of India and Bank of India for opening their branches in Pakistan. Habib Bank Ltd, National Bank of Pakistan and United Bank Ltd from Pakistan have evinced interest in opening their branches in India, the Minister said.
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