Bank of China may open it’s first branch in India at Mumbai soon. The bank got clearance from National Security Advisor (NSA) Ajit Doval, who also has conveyed to Maharashtra Chief Minister Devendra Fadnavis. On Prime Minister Narendra Modi’s recent China visit, Fadnavis had accompanied him and he also met Bank of China chairman Tian Guoli.

Fadnavis aggressively pushed for Chinese investments in his state. Chairman Guoli  had raised the issue of security clearance by intelligence wing of the country. NSA gave the approval under the condition that Bank of China should adhere to the rules and regulations of Reserve Bank of India before setting up its branch in Mumbai and it also has to seek the central bank’s permission.

The state government of Maharashtra seeks Chinese Investments for developing the infrastructure and facilities. So setting up of Bank of China in the state will help the state a lot.