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Global banks turn towards regional trade

With the ongoing tussle between the US and China redefining global headwinds, Prime Minister Shri Narendra Modi’s ‘Act East’ policy is paving the way for banks and financial institutions to find new means to engage with countries in the East. This is likely to open new avenues for business from foreign currency financing, banking accounts, capital remittances and cross sell and trade flows.

“We clearly saw that Asia to Asia (trade) is going to be a much big emerging trend in the country about 24 months ago,” says K Balasubramanian, head, corporate banking, South Asia for Citibank stated.