Dy Governor Leeladhar says RBI clears UBS bank licence in India

[K.Karthik Raja]

MUMBAI - Reserve Bank of India has cleared banking licence of
Swiss bank UBS in India, said Deputy Governor V. Leeladhar today.
"It (licence) has been cleared. It was given and was asked to be
kept on hold because of some transactions that had to be clarified,
though they have now been permitted to go ahead. They can start a
branch," Leeladhar said on the sidelines of a press meet of Union Bank
of India.
RBI had put on hold UBS' branch licence approval in India
following the Swiss bank's reluctance to provide details to Indian
authorities of money transfers across Switzerland, New York, the
British Virgin Islands, and Pune.
RBI is also in the final process of discussion for allowing
Singapore-based DBS Bank to further expand their branch network in
India, Leeladhar said.
The Singapore-based bank's proposal of setting up more branches in
India is pending with Reserve Bank of India following the Monetary
Authority of Singapore's delay in granting full banking licence to
State Bank of India and ICICI Bank.
DBS has two branches in India--one in Delhi and another in Mumbai.
Leeladhar was inaugurating Union Bank's 2001st branch under core
banking solutions.

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