Three Indian Banks May Get Full Licence In Singapore

Source : AsiaOne News, Mon, Sep 10, 2007

MUMBAI, Sept 9 - Three Indian state-run banks may be granted full banking licenses by the Monetary Authority of Singapore and the Indian government may reciprocate by giving the same status to three Singapore banks, the Economic Times said.

State-Bank of India , the country's largest commercial bank, Bank of Baroda and Bank of India may be given the qualifying full banking licence, which would enable the banks to open more branches, the paper said.

"We are told that SBI, BOI and BOB will be granted qualifying full banking status. That means we will grant the same status to three banks from Singapore to operate in India," a senior finance ministry official was quoted by the paper as saying.

DBS Group , Oversea Chinese Banking Corp and United Overseas Bank are among the banks which have applied for a full banking licence in India, the paper said.