Industrial and Commercial Bank of China (ICBC) has been included in the Second Schedule to RBI Act, 1934
Feb 03, 2012
Industrial and Commercial Bank of China Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934.
The world's largest bank by profit, balance sheet as well as market value, the Industrial & Commercial Bank of China (ICBC), opened its first branch in the country in Mumbai on Sep 15, 2011.
ICBC becomes the first lender from mainland China to set up a shop in India. India's Largest Bank, State Bank of India (SBI) only ranks 69th globally, while the Beijing-based ICBC is worth more than the entire Indian banking sector.
ICBC has plans to spend around $100 million (around Rs475 crore). It will be concentrating on wholesale banking and trade financing to begin with, and then move onto personal banking including wealth management and investment banking.
Four Indian banks -- State Bank of India, Bank of Baroda, Bank of India and Canara Bank - have a branch each in China. 3 more major chinese banks - Bank of China, China Construction Bank and Agricultural Bank of China are planning to enter Indian market.
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