ISSUE
Friday, August 22, 2025
Volume 16 . Issue 73
Indian Weekender fielded several queries from the community after a report appeared in a community publication and website about the impending entry of Bank of India in New Zealand last week.
The news item was pulled from the website hours later but the paper version carried the report.
Our enquiries in New Zealand and India have revealed that though the bank intends to set up operations in the country it will be a while before this happens.
The publication reported that the Reserve Bank of New Zealand had given “initial approval” to establish a subsidiary called Bank of India NZ and that a local board of directors with a local businessman as Chairman had been appointed.
At the time of writing, the Companies Office website does not list any company by that name and therefore the question of directors and chairman having been appointed for a company of that name does not arise.
Enquiries in India revealed that the Bank of India “was months away” from setting up a presence here. The bank’s representative in New Zealand, Nageshwar Rao, said though permission had not yet been received, an application had been made to the Reserve Bank of New Zealand. He said that the report in the publication had appeared “prematurely”.
Mr Rao said the premature report had the potential to jeopardise the bank’s prospective application and added that the media must report facts correctly and not sensationalise. He declined to comment any further.
To Indian Weekender’s questions about what “initial approval” as stated in the report meant, the Reserve Bank of New Zealand responded saying that it did not comment on specific bank applications and prospective ones.
A man claiming to be the bank’s lawyer who would identify himself only as Kanji called Indian Weekender saying the publication had been asked to take down the story from the website because it was too premature and incorrect.
While on a visit to New Zealand last month, Indian government Finance Secretary Ashok Chawla said the entry of other Indian banks into New Zealand would depend on how Bank of Baroda performed. Bank of Baroda New Zealand began operations earlier this year. At the time of interview he did not indicate the impending entry of another Indian bank into New Zealand.
Indian Weekender fielded several queries from the community after a report appeared in a community publication and website about the impending entry of Bank of India in New Zealand last week.
The news item was pulled from the website hours later but the paper version carried the report.
Our...
Indian Weekender fielded several queries from the community after a report appeared in a community publication and website about the impending entry of Bank of India in New Zealand last week.
The news item was pulled from the website hours later but the paper version carried the report.
Our enquiries in New Zealand and India have revealed that though the bank intends to set up operations in the country it will be a while before this happens.
The publication reported that the Reserve Bank of New Zealand had given “initial approval” to establish a subsidiary called Bank of India NZ and that a local board of directors with a local businessman as Chairman had been appointed.
At the time of writing, the Companies Office website does not list any company by that name and therefore the question of directors and chairman having been appointed for a company of that name does not arise.
Enquiries in India revealed that the Bank of India “was months away” from setting up a presence here. The bank’s representative in New Zealand, Nageshwar Rao, said though permission had not yet been received, an application had been made to the Reserve Bank of New Zealand. He said that the report in the publication had appeared “prematurely”.
Mr Rao said the premature report had the potential to jeopardise the bank’s prospective application and added that the media must report facts correctly and not sensationalise. He declined to comment any further.
To Indian Weekender’s questions about what “initial approval” as stated in the report meant, the Reserve Bank of New Zealand responded saying that it did not comment on specific bank applications and prospective ones.
A man claiming to be the bank’s lawyer who would identify himself only as Kanji called Indian Weekender saying the publication had been asked to take down the story from the website because it was too premature and incorrect.
While on a visit to New Zealand last month, Indian government Finance Secretary Ashok Chawla said the entry of other Indian banks into New Zealand would depend on how Bank of Baroda performed. Bank of Baroda New Zealand began operations earlier this year. At the time of interview he did not indicate the impending entry of another Indian bank into New Zealand.
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