More HK banks will set up ops if RBI issues licences: HKTDC

Mumbai, Apr 5 (PTI) The Hong Kong Trade Development Corporation (HKTDC), feels that more Hong Kong banks would set up operations in India if the Reserve Bank of India (RBI) issues licenses to foreign banks. "Presently, we have HSBC in India. We feel some more banks will be interested in starting operations in India if RBI permits banking licenses to foreign banks," HKTDC's Assistant Executive Director, Raymond Yip, told reporters here today. India is the second-largest market for Hong Kong as nearly 11 Indian banks have their operations here, he said. "With the economy reviving slowly, we are expecting a few more Indian banks to set up their operations in Hong Kong," he said. The HKTDC is also focusing on the Indian market for enhancing its imports and exports, he said. "We (India and Hong Kong) export and import pearls and jewellery at a larger scale as compared to other products. At the same time, India is emerging as an IT hub. Therefore, we are also looking at this sector as a potential trade destination for Hong Kong," Yip said.