RBI allows Bank of China to operate in India


New Delhi, July 4  : In a major initiative to strengthen relations with Russia and China, India will soon have a “maritime dialogue”, a senior official in the Ministry of External Affairs said here on Wednesday.
“We are proposing to have a maritime dialogue with China and Russia in couple of months,” the official said.
The efforts is work out in details and see how India-Pacific community understand the importance of Indo-Pacific as a ‘concept’, he said.
On India-China relations, the official said the Reserve Bank of India has issued licence to the Bank of China to open its branch in India.
“This was a commitment made by Prime Minister Narendra Modi had given to President of China Xi Jinping. We are also in discussion about the visit of Defence Minister of China to India,” he said adding the dates are under discussions.
The maritime dialogue with China will be second while it will be first such dialogue with Russia.