Morgan Stanley Gets Banking License From RBI

World’s leading financial services firm, Morgan Stanley has received an in-principle approval from the Reserve Bank of India (RBI) for a banking license, a spokesman for the US bank said on May 30, 2012.

The license 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.