With a branch planned in Mumbai, Industrial and Commercial Bank of China (ICBC) (601398,1398.HK) may become the first operational Chinese bank in India. The China Banking Regulatory Commission (CBRC) and the Reserve Bank of India (RBI) signed a memorandum in December 16. Ministry of Commerce representative Wu Donghua said many Chinese enterprises in India need capital support, and Chinese branches there address that need. Separately, China Development Bank signed a series of agreements with India telecom operator Reliance Communications, energy company Essar Group and ICICI Bank.
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