India, Pak Banks To Open Cross-Border Branches

India is considering to allow, in its territory Pakistani banks and the neighbouring country is set to reciprocate for stregthening bilateral trade.

A common view was expressed by commerce ministers of the two countries at a FICCI meeting here on Thursday.

"The Reserve Bank of India and State Bank of Pakistan have already discussed this matter and will take the next step," Commerce and Industry Minister Anand Sharma said.

Sharma, who held official level talks with Pakistan Commerce Minister Makhdoom Amin Fahim, said "When we are going to encourage trade and investment, not only customs check posts but banks are also essential."

Making a similar comment, Fahim said,"Both countries are now poised to open bank branches and land routes."

He said the "atmosphere of fear and apprehension has reduced considerably" and the businessmen in both the countries have started to "believe their governments".

From: http://ping.fm/c9yhx