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Indian and Pakistani banks collaborate to open new branches and integrate exchange operations
This is another step in collaboration and confidence building.
Reserve Bank of India and State Bank of Pakistan are working on modalities of opening bank branches in both the countries.
Speaking on the sidelines of FICCI-IBA banking conference here, SBP Governor Ishrat Hussain said RBI and SBP were working out the modalities for opening branches in both the countries.
State Bank of India and Habib Bank of Pakistan have plans to open branches in the two countries.
"The decision for opening bank branches is in the hands of the governments of both the countries," he said, adding that "there should be banking relations between the two countries to give impetus to trade." Hussain said he will be meeting RBI Governor Y V Reddy and a public announcement would soon be made in this regard.
Pakistan economy was also feeling the heat of the global price hike, he said, adding, "we are keeping a stringent vigilance to the development, the speed of which is very high."
Asked whether Pakistan would make changes in its monetary policy, he said, if inflation comes down, the policy would take a neutral stance.
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