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Posted on Dec 07, 03:21PM | UNI
The Punjab National Bank will be opening its branches, one each in Lahore and Karachi, while the Union Bank Ltd and National Bank of Pakistan will set up their branches in India, the Lok Sabha was informed today.
The approvals for mutual banking presence came after a delegation of the State Bank of Pakistan(SPB) visited the Reserve Bank of India (RBI) in Mumbai this year to have regulatory dialogue on the issue, Minister of State for Finance Namo Narain Meena said in a written reply.
He said the SPB had now informed that they had isued no-objection to the Union Bank Ltd and the National Bank of Pakistan for opening their branches in India.
The Government here had also approved the proposal of the Punjab National Bank for opening two branches in Lahore and Karachi.