Morgan Stanley has received an in-principle approval from the Reserve Bank of India (RBI) for a banking licence, a spokesman for the US bank said today, confirming a media report.
The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers, the media report added.
The bank is unlikely to get into retail banking due to tough competition from local banks, the media report further added.
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The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers, the media report added.
The bank is unlikely to get into retail banking due to tough competition from local banks, the media report further added.
....more info