Singapore QFB licence for SBI, BoI, BoB likely.
Economic Times (New Delhi, India), September, 2007
Sep. 9--NEW DELHI -- The Monetary Authority of Singapore may finally grant qualifying full banking (QFB) licence to three Indian banks -- State Bank of India (SBI), Bank of India (BoI) and Bank of Baroda (BoB). The QFB status in Singapore will permit Indian banks to open more branches and get more depositors. Highly placed sources in the Union ministry of finance, told Sunday ET that a decision in this regard has already been taken and a formal announcement would come soon.
"We are told that SBI, BoI and BoB will be granted qualifying full banking status. That means, we will also grant the same status to three banks from Singapore to operate in India," a senior finance ministry official said. Development Bank of Singapore, Overseas Chinese Banking Corporation...
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