UBS has been awarded a commercial banking license in India, according to V Leeladhar, deputy governor of the Reserve Bank of India (RBI) speaking to reporters after a conference in Mumbai. The license will help the bank in its fixed income and foreign exchange businesses
The RBI is yet to issue a formal notification, while a UBS spokesperson tells Squawkbox that in India, as elsewhere, any discussions between UBS and regulators remain confidential.
UBS applied for a banking licence nearly four years ago. It is the first time since 2003 that RBI has issued a new licence to a foreign bank.