U.K. Minister: India Should Allows U.K. Banks to Open More Branches
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MUMBAI -- India should allow U.K.'s banks to open more branches here, U.K. Minister for Trade, Investment and Business Mervyn Davies said Thursday.
"Not just banks, but insurance companies and many professional services have a huge pent-up demand to expand in India," Mr. Davies said in a speech at an event.
Earlier this year, the Reserve Bank of India had put on hold a roadmap for foreign banks' presence in India, citing uncertain global conditions.
Under World Trade Organization obligations, India has to provide licenses for 12 foreign-bank branches a year.
