The Monetary Authority of Singapore (MAS) is considering full banking licence applications from State Bank of India and ICICI Bank, Reserve Bank of India deputy governor V. Leeladhar said on Thursday. India was also processing licence applications from Singapore banks, he said, but these were not conditional on the other licences being granted. State-run SBI is India''s largest bank, and ICICI is the country''s leading private-sector bank.He said applications from some Singapore banks for qualified full banking (QFB) licences in India were also being processed. I don''t think it is a quid pro quo. In matters like this there can''t be. Each problem will have to be tackled on its own, Leeladhar said.
If these two banks satisfy the requirement of the MAS they should be given licenses irrespective of whether we give branches here for Singapore banks or not, he said. Singapore''s DBS Group, Oversea-Chinese Banking Corp and United Overseas Bank have applied for Indian licences, India''s Economic Times newspaper reported on Sunday. The paper, quoting a senior Finance Ministry official, said SBI, Bank of Baroda and Bank of India may be given qualifying full banking licences in Singapore, which would enable them to open more branches in the city state.
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