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M. Ramesh

Chennai, May 22

The Singapore branches of Indian Overseas Bank and Indian Bank have got `ACU licence'. Getting the Asian Currency Unit licence effectively means an upgrade in the level at which the branches operate. For example, the branches will now be allowed to raise retail deposits in Asian currencies. Besides, the reserve requirements for ACU licence holders are lower — the branches will have to maintain lesser CRR and SLR (called `minimum cash balance requirement' and `minimum liquid asset requirement'). This in turn means that the banks will have more funds for their operations.But, sources note, the significance of the upgraded licence lies in the recognition that the Monetary Authority of Singapore (MAS) has given to the Indian banks, which, the banks hope, might pave the way for eventual full-fledged banking licence.

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