Doha: ICICI Bank Ltd, India’s largest private bank, was awarded the Category I (One) licence for its QFC Branch in Doha by the Qatar Financial Centre Regulatory Authority (QFCRA).
Vijay Chandok, president, ICICI Bank, announced the status of the upgraded branch which has been operating as a Category IV entity since March 21, 2007.
Sanjiv Arora, the Indian ambassador to Qatar, was present and hailed the bank’s initiatives in the region.
Vijay Chandok said: “The Category 1 (One) licence is another step towards ICICI Bank’s commitment to facilitate the growing trade between India and the Gulf Cooperation Council countries, especially Qatar”
With the upgraded licence, ICICI Bank QFC branch can now accept deposits from and provide credit to business customers per the QFCRA rules. Treasury and forex related activities are also permissible under the new licence.
The above services are in addition to the arranging of deals in investment for private banking clients which is currently offered under the Category IV licence.