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Bank of China to open first Indian branch in Mumbai

India’s National Security Advisor (NSA) Ajit Doval has given security clearance for the establishment of the first branch of Bank of China in Mumbai.

boc

Maharashtra Chief Minister Devendra Fadnavis was quoted by The Indian Express as saying: "The chairman Tian Guoli and general maanger Gao Zhaogang have declared Bank of China will open its office in Mumbai soon."

The news comes after a private meeting between Guoli and Fadnavis when the latter visited China recently.

While showing interest in the opening of a branch in the Indian financial capital, Gouli had voiced his concern over the issuance of security clearance by the country’s intelligence wing.

Security clearance has come after Fadnavis talked to Doval.

The bank will now be required to seek the permission of the Reserve Bank of India (RBI) and adhere to it guidelines in establishing the branch.


Image: Bank of China’s proposal has been approved by Indian national security advisor. Photo: courtesy of Yoshi Canopus.