Bank of China to open branch in India

Approval from the central bank is expected shortly.

India and China have agreed to allow Bank of China to open a branch in Mumbai, India, according to a report from The Telegraph India.

Also read: Bank of China Singaopre ties up with online retailer to roll out credit card

Security clearances have already been given and a notification from the Reserve Bank of India is expected shortly.

BOC will be the second Chinese bank to secure a license to open an Indian branch following Industrial and Commercial Bank of China.

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