The Reserve Bank of India’s approval of Doha Bank’s application to start full-scale banking operations in India is “another positive development” in the growing business co-operation between India and Qatar, said Indian Ambassador Sanjiv Arora (pictured).
The proposed opening of a branch of Doha Bank in Mumbai, a major global centre of finance and business, would make a useful contribution to further expanding trade, investments and banking between the two countries, he said.
“I heartily congratulate the board of directors, CEO and other Doha Bank officials and wish them the best in their endeavours to optimally utilise this opportunity in India, the world’s third largest economy on purchasing power parity terms, a huge and growing market, and an investment and business friendly partner,” Arora said.
The decision to grant a licence to Doha Bank was a “further reaffirmation” of Government of India’s “strong commitment to actively facilitating economic partnerships” between India and Qatar, to the mutual benefit of both sides, he said.
Earlier this year, approval was given to QNB to set up an office in Mumbai.
During the visit of India’s Finance Minister P Chidambaram to Doha in May this year, the two sides had discussed a gamut of issues related to bilateral co-operation, including investments, banking and finance, energy, aviation, and travel and tourism. Chidambaram had also interacted with several Qatari investors. Both sides have been actively following up on these discussions, the ambassador said.