RBI licensed to Bank of China to launch operations in India

Highlights:
  • India's apex financial institution RBI issued the banking licence to the Chinese bank Bank of China to launch operations in India.
  • This was reported in a section of media on 4 July 2018. 
  • Bank of China is one of the very few state-owned commercial banks in China.
  • It is worth mentioning that Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Chinese city of Qingdao during June 2018.