SBI gets banking licence in China

State Bank of India (SBI) became the first Indian bank in China to get approval to start normal banking operations.

"We have received the licence from the China Banking Regulatory Commission (CBRC) to start normal banking operations in foreign currency," T C A Ranganathan, chief executive officer of SBI Shanghai branch, told PTI.

"We are extremely happy with the development," Ranganathan, who was here to collect the licence from CBRC, said, adding that normal banking operations would commence from the next financial year.

SBI, the largest commercial bank of India, has already taken adequate office space in China's largest city and commercial hub, Shanghai, he added.

Welcoming SBI's upgradation as a full-fledged bank, Nalin Surie, Indian Ambassador to China, said it bode well for further stepping up bilateral trade, which rose 37.64% to hit a record $18.71 billion last year. "It is a very good development, which will further facilitate trade and investment between India and China."

SBI, which has 65 offices/branches in 32 countries spanning all time zones, had established its Representative Office (RO) at Shanghai in 1997, and obtained clearance from the Reserve Bank of India in 2002 to upgrade the China office into a branch.