Indian banks operating there are required to meet very high qualifying standards in order to do business.
Taking the currently operational India-Singapore Comprehensive Economic Cooperation Agreement (CECA) forward, the Union Cabinet on Friday approved tariff elimination as well as reduction in additional 555 products. This will benefit exporters from Singapore.
Two years ago, the number was 4,000, according to Indian businessmen.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
He said that India will work with Singapore to bring the Regional Comprehensive Economic Partnership to early conclusion. He also said the India-Singapore Comprehensive Economic Cooperation Agreement has been reviewed and the two sides will work to further upgrade it.