Islamabad, 7 February
The central banks of India and Pakistan are in advanced talks for opening bank branches in Karachi and Mumbai as part of measures to normalise bilateral trade, a media report said today.
“The Indian High Commissioner, Mr T C A Raghavan, disclosed that work for opening of bank branches is in an advanced stage and it would be a great achievement for both the countries because this would allow currency swap against their import and export trade,” the Dawn reported.
Mr Raghavan made the remarks while addressing business and industry leaders at a luncheon meeting organised by the Federation of Pakistan Chambers of Commerce and Industry in Karachi yesterday.
Commerce minister, Mr Khurram Dastagir Khan, had told PTI in an interview last month that both countries are working on allowing three banks each to set up branches across the border to help improve trade relations.
The State Bank of Pakistan had recently written to the Reserve Bank of India that three banks would like to open their branches in India.