HSBC, Europe’s largest lender by assets, reported an 11% increase in pre-tax profit in its Indian operations to $1.68 billion for the last calendar year, driven by growth in both wholesale and retail banking. The bank, recently approved to expand in India, aims to leverage new local opportunities.
RBI eases restrictions on cash credit accounts, eases current account norms
The Reserve Bank of India has lifted all restrictions on banks opening and maintaining cash credit accounts, offering greater flexibility for short-term working capital loans.