The Monetary Authority has granted a banking licence to UTI Bank, bringing the total number of licensed banks in Hong Kong to 137.

UTI Bank was incorporated in India in 1993, and the The Bankers' Almanac says it is the 15th largest bank in India in terms of total assets.

In Hong Kong, only licensed banks can operate current and savings accounts, accept deposits of any size and maturity from the public, and pay or collect cheques drawn by or paid in by customers. For the list of licensed banks, click here.