The Monetary Authority of Singapore (MAS) is considering conferring ‘national’ status on Indian banks in Singapore under the India Singapore Comprehensive Economic Co-operation Agreement (CECA). This status will allow Indian banks wider access to local markets, including the retail market, in the city-state.Alongside, the Singapore Stock Exchange is also exploring the possibility of establishing exchange linkages with BSE and NSE.According to MAS Deputy Chairman Tharman Shanmugaratnam, a proposal to confer national status on Indian banks operating in Singapore is being examined so that they are on par with local banks in terms of market access. Shanmugaratnam was speaking at the sidelines of the third Pravasi Bharatiya Divas convention in Mumbai.The Prime Minister of Singapore is expected to visit India later this month to sign the CECA, said R. Narayana Mohan, director, Singapore Indian Chamber of Commerce & Industry.
