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24th August 2012

India and Pakistan said to licence each others banks

India and Pakistan have agreed to licence two banks each from the other country. India is to licence National Bank of Pakistan and United Bank to open full banking operations in India. Similarly Pakistan is to licence State Bank of India and Bank of India for full banking operations in Pakistan.


The announcement came from Yaseen Anwar, Governor of the State Bank of Pakistan. Whilst the statement suggested a definitive agreement had been made he went on to say that "It will take few months to approve Indian banks' licences on receiving them," and that "We are ready to go tomorrow to India" to set up banking operations". He was speaking at the sidelines of a South Asian Studies conference.