NEW DELHI: ICICI Bank and Singapore based United Overseas Bank, which had applied for approval to set up branches in Singapore and India respectively, unlikely to be allowed to do so in the near future. While both countries are likely to allow State Bank of India and Development Bank of Singapore to set up branches in each other''s land soon, the two other banks waiting in the queue will probably be ignored. The Comprehensive Economic Co-operation Agreement (CECA), between India and Singapore, permits both countries to allow qualified full banking (QFB) to three banks each. In India, there is a single-banking licence which allows a foreign bank to conduct all operations.
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