India has so far given permission to three Singapore banks to open a total of 15 branches in the country.
Similarly, Singapore granted qualifying full bank privileges to three Indian banks, Singapore’s Minister of Trade and Industry Lim Hng Kiang was quoted as saying by The Straits Times.
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The two Indian banks which have been approved so far are the State Bank of India and ICICI Bank.
The approvals are granted under the Comprehensive Economic Cooperation Agreement (Ceca) signed between the two countries in 2005.
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