DUBAI: The central banks of Pakistan and India have completed the necessary work for opening their branches in each other’s country and waiting for a green signal from New Delhi.
This was revealed by MCB Bank Chairman Mian Mohammad Mansha, while talking to Khaleej Times on the sidelines of an event in Dubai.
India and Pakistan will allow three banks to set up branches on each other’s soil to normalise trade relations. In 2012, the two Indian banks allowed to operate in Pakistan were the State Bank of India and Bank of India.
On Pakistan part, the state-owned National Bank of Pakistan and privately owned United Bank Ltd were selected for running full banking operations in India once they obtained licences.“Reserve Bank of India (RBI) has more or less processed our application. I have also met Finance Minister Arun Jaitely and he is very positive on it,” MCB Bank chairman informed.
