India, China to tie-up in banking sector

‘‘At the moment four Indian banks have a representative office in China, and they, along with other banks, are now expected to set up full-fledged branches. This will lead to closer bank to bank cooperation, and will be an important component of economic cooperation between India and China,’’ he added.

‘‘Banks from both countries will be entering into counterpart agreements with each other. They can then provide suitable support to Indian companies doing business in China, and vice-versa. For example, ABN AMRO Bank, which is present in both countries, has announced the setting up of a dedicated India desk in Shanghai only for Indian companies. This is a good beginning, and more will follow,’’ said Das. “We also need the RBI and CBC to collaborate closely so there is a synergy between banking policies of the two countries which would be of immense value to companies,” he added.

Meanwhile, CII has signed a MoU with the Shanghai-Pudong Software Park (SPSP).