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State Bank of India (SBI), the first Indian bank to offer banking services in China, is expected to launch a series of new services to "ensure better access for Chinese enterprises to the Indian market."

 

Speaking at a recent forum on business in India, in Guangzhou, capital of South China's Guangdong Province, T.C.A. Ranganathan, chief executive officer of SBI's Shanghai Branch, said the bank has applied to the watchdog for approval for the services.

 

"If they are approved by the China Banking Regulatory Commission, Chinese enterprises will be able to open accounts in our bank," Ranganathan told China Daily.

 

In addition, the bank will also provide Chinese corporations with credit guarantees after the approval, according to Ranganathan.

 

Ranganathan said the SBI Shanghai branch had upgraded its computer system and was now directly linked to its headquarters in India.

 

"We will send any service requirements from Chinese corporations to India and help them find the best solutions for doing business in India," he said.

 

SBI, India's largest bank with 70 offices in 30 countries and regions, has had an office in Shanghai since 1997. It obtained clearance from the Reserve Bank of India in 2002 to upgrade its China office into a branch.

 

SBI later became the first Indian bank to start normal commercial banking operations in China early this year.

 

"As the only Indian bank offering normal banking operations here in China, we will act as a window for Chinese that are interested in investing and doing business in India," Ranganathan said.

 

The SBI Shanghai branch will also increase investment in China, enhancing trade development between Asia's two biggest economies.

 

Ranganathan added that SBI is expected to offer renminbi services in China and may open new branches in South China and Beijing by 2008.

 

"As trade between the two Asian giants has seen rapid growth in recent years, we will provide more banking services for Chinese and Indian enterprises to access investment on both sides," Ranganathan said.

 

According to Ranganathan, trade volume between China and India reached US$20.10 billion in the first 10 months of this year.

 

Currently, SBI's Shanghai branch provides investment consultancy and acquisition financing, and remittances directly to India, as well as foreign currency services for overseas companies, according to Phani Kiran, vice president of the branch.

 

(China Daily December 22, 2006)