Shanghai: State Bank of India has become the first Indian bank to start commercial operations in China.
"We are now in a position to offer one-stop solutions to the Indian business community's specific banking requirements and can offer tailor-made solutions," Chief Executive Officer of SBI-Shanghai Branch, T C A Ranganathan said.
The SBI Shanghai branch had completed computerization and uplinking the system to its headquarters in India last Thursday, he said.
According to Chinese banking regulations, SBI Shanghai can offer banking services only to foreigners or foreign enterprises in foreign currency.
Indians living in China would be able to send money back home faster and at costs much lower than they had been paying now.
"We are trying to negotiate the service charges so that clients can get favourable rates. We have tied up with the leading Chinese bank, the Industrial Commercial Bank of China and are in discussions with others," Ranganathan said.
In 2005, bilateral two-way trade rose to $18.7 billion, up 37.5 per cent over 2004. If this trend continues, in 2006, the two-way trade, will surpass that in 2005 to $20 billion.
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