State Bank of India 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 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