UBS gains new foothold in Indian market
India's central bank has approved an application from Switzerland's largest financial institution, UBS, to launch retail operations on the Indian market.
Approval had apparently been delayed over the bank’s alleged “reluctance to cooperate” in a probe over its role in facilitating transfers between an Indian businessman and a Saudi arms dealer.
The licence, initially requested in 2004, was granted after certain transactions were clarified according to one of the Reserve Bank of India’s deputy governors, Shri V. Leeladhar.
It allows UBS, which already has brokerage and investment units in India, to offer regular banking services, such as accepting deposits and offering loans.
It also means that the bank can now tap into the wealth of the country’s rapidly growing middle and upper classes.
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