The Reserve Bank of India has formally issued a license to Bank of China to operate in India. The decision follows prime minister Narendra Modi’s promise to the Chinese leadership during the Shanghai Cooperation Organization summit in Qingdao to allow more Chinese banks operate in India. Bank of China, which is 106 years old, will now open a branch in India. Bank of China opened its first branch in South Asia in Karachi in 2016. The state-owned commercial bank provides comprehensive range of service to customers. Another Chinese bank, the Industrial and Commercial Bank of China already has a branch in Mumbai. The State Bank of India has two branches in China, and Bank of Baroda, Canara Bank, Bank of India, Axis Bank and ICICI Bank have one branch each in that country.
