State Bank of India, Bank of India allowed to operate in Pakistan

State Bank of India (SBI) and Bank of India (BoI) are allowed to operate in Pakistan. India and Pakistan have agreed to allow two banks each from both the countries to set up branches across the border.

“We have held discussions with the Reserve Bank of India (RBI) and both sides have agreed to issue a full banking licence to two banks of each country,” Yaseen Anwar the Governor of the State Bank of Pakistan said on the sidelines of a conference organised by Institute of South Asian Studies.

The two Indian banks that will be allowed to operate in Pakistan are State Bank of India (SBI) and Bank of India (BoI). On the other hand, quasi-state owned National Bank of Pakistan and privately-owned United Bank Ltd. will be running full-banking operations across the border, once licensed by India.

Anwar said “It will take few months to approve Indian banks’ licences on receiving them” and he also added that “We are ready to go tomorrow to India”  to set up banking operations.

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

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