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India, Pak banks may soon be able to go across border
New Delhi (PTI): Banks from India and Pakistan may soon be able to set up branches across the border as most of the issues have been addressed, a top official of Pakistan Government said onn Monday.
"Apparently those delays have been sorted out and the applications would have reached in the central bank of both the countries, and beyond that there should not be any problem," Pakistan Commerce Secretary Syed Asif Shah told reporters on the sidelines of third SAFTA Ministerial Council meeting here.
The progress is very good, he said. "In fact, I had a bilateral meeting with (India's) Commerce Secretary G K Pillai on Sunday... you know there are processes when you apply for opening a bank branch in other country," he added.
United Bank and National Bank of Pakistan have showed interest to set up their branches in India, Shah said.
Two banks from India, including SBI, would be allowed to start their operations in Pakistan, he added.
When asked about the regulatory approval, Shah said "very soon you will expect bank branches in India and Pakistan."
"There is no problem... negotiations are on advanced stage," he said.
Last year, replying to a question on this issue, Minister of State for Finance P K Bansal had said in Parliament that the development followed an agreement reached between the RBI and State Bank of Pakistan (SBP) to permit opening of two branches by banks from India and Pakistan on a reciprocal basis.
The Reserve Bank of India has proposed the names of State Bank of India and Bank of India for opening branches in Pakistan, he had said.
New Delhi (PTI): Banks from India and Pakistan may soon be able to set up branches across the border as most of the issues have been addressed, a top official of Pakistan Government said onn Monday.
"Apparently those delays have been sorted out and the applications would have reached in the central bank of both the countries, and beyond that there should not be any problem," Pakistan Commerce Secretary Syed Asif Shah told reporters on the sidelines of third SAFTA Ministerial Council meeting here.
The progress is very good, he said. "In fact, I had a bilateral meeting with (India's) Commerce Secretary G K Pillai on Sunday... you know there are processes when you apply for opening a bank branch in other country," he added.
United Bank and National Bank of Pakistan have showed interest to set up their branches in India, Shah said.
Two banks from India, including SBI, would be allowed to start their operations in Pakistan, he added.
When asked about the regulatory approval, Shah said "very soon you will expect bank branches in India and Pakistan."
"There is no problem... negotiations are on advanced stage," he said.
Last year, replying to a question on this issue, Minister of State for Finance P K Bansal had said in Parliament that the development followed an agreement reached between the RBI and State Bank of Pakistan (SBP) to permit opening of two branches by banks from India and Pakistan on a reciprocal basis.
The Reserve Bank of India has proposed the names of State Bank of India and Bank of India for opening branches in Pakistan, he had said.
