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Journalism of Courage
India and Pakistan have agreed to allow banks to open branches in each other’s countries after a gap of four decades, the Reserve Bank of India said on Monday.
The move comes amid a hesitant peace process between the South Asian neighbours that includes talks on Kashmir, over which they have fought two of their three wars since independence from Britain in 1947.
“An understanding has been reached between the Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) on granting permission for opening two branches of banks from India in Pakistan and two branches of banks from Pakistan in India, on a reciprocal basis,” the RBI said in a statement. — Reuters
