The Reserve Bank of India (RBI) has issued licence to Bank of China to launch operations in India, official sources said on Wednesday.
Prime Minister Narendra Modi had made a commitment to Chinese
President Xi Jinping to allow Bank of China to set up branches in India
when they met on the sidelines of the SCO summit in Chinese city of
Qingdao last month.
"The RBI has issued licence to Bank of China to set up its first
branch in India. It was a commitment made by the Prime Minister to the
President of China," said a source.
Bank of China is one of the very few state-owned commercial banks in China.
India and China have been focusing on
expanding their economic ties notwithstanding differences on several
sticky issues including on the boundary dispute.
After last year's Doklam standoff, both the countries have stepped up dialogue at various levels to reset the ties.
Meanwhile, the sources said Chinese
Defence Minister Wei Fenghe is scheduled to visit India soon and both
sides are in the process of finalising the dates.
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