Bank of India will become the first Indian bank to set foot in the Chinese capital when its Representative Office is inaugurated in Beijing next week.
Bank of India, which ventured into China in January 2003 by opening its first Representative Office in the southern city of Shenzhen, will be the first Indian bank to have two offices on mainland China, official sources said.
The Beijing Representative Office of BOI will serve as a liaisoning and consultancy for Indian and Chinese companies but will not conduct banking operations, the sources said.
BOI CMD M Balachandran and other senior officials are expected to attend the opening of the Representative Office on May 22.
Meanwhile, sources said the Shenzhen branch of the BOI has received license to conduct normal banking operations from China's banking regulator, China Banking Regulatory Commission.
Last month, the State Bank of India had become the first Indian bank to start full-fledged banking operations in China when it started offering its services from the eastern metropolis, Shanghai.
The Sino-Indian trade volume reached $18.7 billion last year and is expected to jump to $20 billion this year.
China is now the second-largest trade partner of India. Canara Bank and ICICI Bank also have set up Representative Offices in Shanghai.
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