India and Pakistan to host each other's banks

India and Pakistan have agreed to host two banks from each other.

"We have held discussions with the Reserve Bank of India and both sides have agreed to issue a full banking licence to two banks of each country," said Governor of the State Bank of Pakistan, Yaseen Anwar.

The two Indian banks that will be allowed to operate in Pakistan are State Bank of India and Bank of India.

Those from Pakistan that will be running full-banking operations across the border once licensed by India are the National Bank of Pakistan and United Bank Ltd. will be

"It will take few months to approve Indian banks' licences on receiving them," he said.

"We are ready to go tomorrow to India" to set up banking operations, Anwar said.

Discussions have been held with RBI Governor D Subbarao to issue banking licences, he said, adding that the process will help normalise trade relations between India and Pakistan.

For more.

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