MAS Working With RBI To Review Banking Licences Applications

Source : Channel NewsAsia, 10 September 2007

SINGAPORE : The Monetary Authority of Singapore has confirmed media reports it is working closely with the Reserve Bank of India to review applications for licences in each other's jurisdiction.

It adds that the applications by banks to set up offices or to expand will help enhance economic connectivity between India and Singapore.

In an email to Channel NewsAsia, the MAS says once these details are settled, the appropriate announcements will be made.

The Economic Times of India reported on Sunday that the MAS might soon grant full banking licences to three Indian state-run banks.

It named the three banks as State Bank of India, Bank of India and Bank of Baroda. - CNA/ms