:::::SRI S.B. RODE, OUR BELOVED PRESIDENT, AICBOF AND OFFICER DIRECTOR ON THE BOARD OF CENTRAL BANK OF INDIA HAS BEEN COOPTED AS GENERAL SECRETARY, AICBOF IN E.C. MTG. HELD AT MUMBAI ON 24.02.2014:::::MR. S.C. GUPTA, GEN. SECRETARY OF OUR AHMEDABAD UNIT HAS BEEN COOPTED AS PRESIDENT, AICBOF::::::WE CONGRATULATE THEM AND WISH THAT THE OFFICERS' MOVEMENT IN CENTRAL BANK OF INDIA WILL BE TAKEN TO NEW HEIGHTS:::::LONG LIVE CBOA:::::LONG LIVE AICBOF::::::LONG LIVE AIBOC:::::

SBI GETS CHINA'S NOD TO DEAL IN YUAN

SBI has obtained permission from the Chinese government to lend in the local currency. It is set to become the first Indian bank to enter yuan business and start lending to Chinese companies in the local currency. SBI will begin yuan operations on March 15.

This is a breakthrough of sorts for the Indian financial sector because the Chinese government is extremely careful about choosing foreign banks that can be trusted to deal in the local currency. Indian companies borrow about 700 million yuan from Chinese banks for supporting their business in China. Most of this business will move to the SBI because they will be more comfortable with an Indian bank.

Besides it branch in Shanghai, SBI is planning to set up two more branches in Guangzhou in south China and in Tianjin, which is close to Beijing. It has a representative office in Tianjin. SBI has requested RBI for permission to upgrade the Tianjin office to a branch. Chinese authorities are expected to grant permission for the branch by the next year.

Posted by C.B.O.A., A.P.

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