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UBS Indian banking license on hold


The Reserve Bank of India said it put on hold its approval for a banking license to UBS AG. UBS AG is a diversified global financial services company, with its main headquarters in Basel & Zürich, Switzerland.

India’s Finance Ministry is behind the move and blocked UBS because of what it regards as the UBS bank had not helped track to track the alleged money laundering by Hasan Ali Khan, a controversial businessman best known in India for his stud farm in Pune.

RBI has limited the number of new branch licenses to between about 12 and 20 a year.

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