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Indo-Pak strengthen ties with mutual financial assistances

Delhi, Fri, 04 May 2007 NI Wire

May 04: For consolidating peace and appeasing mutual relationship between India and Pakistan, both the countries have suggested some measures through mutual financial assistances. The two countries are keen to open some branches of their leading banks on a reciprocal basis. Pakistani‚??s National bank, Habib Bank and United Bank have expressed their interest to open some branches in India‚??s leading cities, while India‚??s State Bank and Bank of India have expressed their willingness for opening new branches in Pakistan top cities.

The Minister of State for Finance, Pawan Kumar Bansal told the Lok Sabha, in a written reply on Friday that Reserve bank of India and State Bank of Pakistan have agreed to open two branches across the countries. RBI has proposed the name of two leading banks, SBI and Bank of India, to open two branches in two major cities of Pakistan.

At the same time, State Bank of Pakistan has proposed the name of three major Pak banks to open their doors for Delhi and Mumbai, the chief metropolitan cities in India. RBI and SBP will review respective regulatory policies and procedures within certain duration. The governors of both RBI and SBP have had a mutual consent to provide licences to banks in both the countries and allowed to open branches on reciprocal basis, simultaneously.

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