ICICI Bank QFC branch license upgraded
ICICI Bank Ltd, India's largest private bank, was awarded the Category I (One) license for its QFC Branch in Doha by the Qatar Financial Centre Regulatory Authority (QFCRA).
Vijay Chandok, President, ICICI Bank, announced the status of the upgraded branch which has been operating as a Category IV entity since March 21, 2007.
Indian Ambassador to Qatar Sanjiv Arora was also present at this occasion and lauded the Bank's initiatives in the region.
Speaking on the occasion, Chandok said, "The Category 1 (One) license is another step towards ICICI Bank's commitment to facilitate the growing trade between India and the GCC (Gulf Cooperation Council) countries, especially Qatar."
With the upgraded license, ICICI Bank QFC branch can now accept deposits from and provide credit to business customers per the QFCRA rules.
Treasury and Forex related activities are also permissible under the new license.
The above services are in addition to the arranging of deals in investment for Private Banking clients which is currently offered under the Category IV license.
(Posted on 27-09-2013)