ICICI Bank, India's largest private bank, said it has been awarded category one licence for its QFC branch in Doha by the Qatar Financial Centre Regulatory Authority (QFCRA).

The bank's president Vijay Chandok announced the status of the upgraded branch which has been operating as a category IV entity since March 21, 2007, reported the Gulf Daily News, our sister publication.

"The category one licence is another step towards ICICI Bank's commitment to facilitate the growing trade between India and GCC countries," stated Chandok.

With the upgraded licence, ICICI Bank QFC branch can now accept deposits from and provide credit to business customers as per the QFCRA rules. Treasury and forex related activities are also permissible under the new licence, the report added.-TradeArabia News Service