October 16, 2015 11:37 AM

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Central Bank of China awaits nod to set up branch in Mumbai

Maharashtra Chief Minister Devendra Fadnavis has asked the Union Finance Ministry to resolve technical issues that are delaying approvals to Central Bank of China to open a branch in Mumbai. A senior official in the CMO said that Fadnavis recently wrote a letter to Minster of State for Finance Jayant Sinha, in this regard. The Chinese bank has been awaiting for licence for over a year to open a branch in the city.China's President Xi Jinping, during his visit to India in September last year, had expressed his willingness to start a branch of Central Bank of China in Mumbai. The Indian government had then replied in positive, the official said, on condition of anonymity. The Central Bank of China had a branch in Mumbai in 1980s which was later closed down as it did not generate sufficient business, the official said.

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