Indian insurers and capital market intermediaries will be able to set up operations in Singapore under the Comprehensive Economic Cooperation Agreement subject to fulfillment of admission criteria.
The island nation will also issue licences to three Indian banks for opening up to 15 branches each, including ATMs.
All Indian banks will be entitled to wholesale banking licences on fulfillment of prudential norms laid down by the monetary authority of Singapore.
At present, there are six Indian banks in Singapore with full bank privileges, which entitles them to open one branch each.
Benefits available as part of full bank privileges are lower than the benefits under the qualifying full bank privileges being offered to three Indian banks under the CECA.
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