Switzerland's UBS Bank gets licence to upgrade its office to branc

New Delhi, Mar 14 (UNI) Reserve Bank of India has issued a licence to Switzerland's UBS Bank AG to upgrade its representative office in Mumbai to a branch, the Lok Sabha was informed today.

In a written reply, Minister of State for Finance Pawan Kumar Bansal said the terms and condition applicable to UBS Bank AG are same as applicable to any other foreign bank for opening a maiden branch in the country.

He said the foreign banks have to bring in 25 million dollars as assigned capital to open it's branch in India.

Further, the foreign banks have to take permission from RBI for appointment of CEO before commencement of business.

It is also required to comply with maintenance of Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), various categories of advances/deposits, income recognition, assets classification, acquisition of immovable properties in the country, engagement of ex-patirates and deployment of foreign funds in Indian businesses, he said.

UNI MP AK RK1745