.....RBI and SBP had entered into an agreement for the opening of banking sector under which both sides had decided to grant permission to set up two bank branches on reciprocal basis, stated Professor Satish Verma, RBI chair, CRRID on Wednesday. He said both sides were yet to decide on specific banks and locations for open the branches. Currently, Indian traders receive money through Dubai-based branch of Pakistan's Habib Bank, said Prof Verma. He also questioned why financial dealings were being routed through a third country, especially when both India and Pak had agreed in principal to open banking sector for transparent trade. Stating that there was no direct bank-to-bank agreement between two countries, Prof Verma also apprehended some irregular channels', including hawala transactions, being used by traders from both sides to exchange money. "I wonder why the banking agreement couldn't be implemented even after nine years. CRRID has decided to write to RBI to implement the agreement made with SBP," he informed TOI......
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