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Bank of China to open first Indian branch in Mumbai

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Bank-of-China-logoMumbai will very soon witness first Indian branch of the Bank of China. The security clearance has already been given to the Bank.

National Security Advisor Ajit Doval has given the security clearance and has informed Maharashtra Chief Minister Devendra Fadnavis about this. It was during the China trip of Prime Minister Narendra Modi that Fadnavis, who accompanied him, had a one-on-one talk with Bank’s Chairman Tian Guoli.

The Maharashtra Government wants Chinese investments in the state to develop and finance infrastructure and this will be the first step in the direction.

Guoli had assured Fadnavis of the opening of the bank but he insisted on security clearance by the intelligence wing of the country. Later, Doval told the CM that he has no objection. Now, when it has been given, the Bank will have to go according to the RBI guidelines for the setting up of the branch, for which it will require the permission of the central bank.

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