Monday, January 21, 2008

RBI gives 5 license to Canara bank for overseas branches

Indian banks are working on opening of their branches overseas. The Bangalore-based bank Canara Bank country’s third largest public sector lender, as part of its overseas expansion binge, is trying to get license for 15 foreign branches in addition to five approvals that it has got.

"We have approached RBI for 15 more overseas branches in the developing places like South-East Asia and other emerging countries," Canara Bank Chairman and Managing Director, M B N Rao, told PTI.

At present, the bank is having branches in three countries Hong Kong, the UK and Russia.

The Bangalore-based bank recently opened its branch in Hong Kong and proposes to convert Shanghai's representative office into full-fledged branch by the end of March, 2008.

Rao said RBI has already given the five licenses to open the bank branches in Johannesburg, Frankfurt, Muscat, Manama and Qatar in due course of time.

Meanwhile, it is also planking to start an online share trading gateway during the month to raise fee-based income.

He told that the bank has started the trial run which will provide trading platform, for both the corporate and retail traders.

Other than trading option, the gateway will also provide features like market-related information, research report, technical market analysis and sector watch.

With the operation of the platform Canara bank will become the first public sector lender to launch such a platform.

The bank intends to introduce other products like international debit card to increase fee-based income.

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