MStanley gets RBI nod for banking licence

Morgan Stanley Mumbai: Morgan Stanley has received an in-principle approval from the Reserve bank of India (RBI) for a banking licence, a spokesman for the US bank said on Wednesday.

The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers.

The bank is unlikely to get into retail banking due to tough competition from local banks.

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Wednesday, May 30th, 2012 EN

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