The Hindu Business Line : Gazprombank seeks approval for opening Mumbai office

The application of Gazprombank to open a representative office in India has been moved to Reserve Bank, which in turn has sought opinion from security agencies and other authorities, Commerce Ministry sources said.

RBI has also sought opinion of the Department of Economic Affairs, Research and Analysis Wing (RAW), Ministry of Home Affairs and other authorities, sources said. Once all clearances are there, the sources said, it would be conveyed to the banking sector regulator.

Based on various inputs, the Reserve Bank could take decision on whether to allow Gazprombank to open its office in Mumbai or not, sources said. Gazprombank was set up in 1990. Founded by the world's largest gas producer and exporter Gazprom to provide b anking services for gas industry companies, Gazprombank as universal financial institution delivers a wide range of banking and investment services covering about 43,000 corporate and 2 million private clients.

The bank invests and lends to companies like oil and petrochemical industry, metallurgy, machine building, nuclear industry, electric power industry, real estate construction, transport, telecommunications and trade. - PTI

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