India's central bank, the Reserve Bank of India (RBI), has granted license to the Bank of China to operate its branch in Mumbai, RBI sources said on Thursday.

Chinese Ambassador in New Delhi Luo Zhaohui also shared his best wishes over the development.

He tweeted: "Glad to know that #BankofChina got the license to operate its branch in #Mumbai. Now #BankofChina is busy with preparation for the opening of the branch several months later. Good news & Congratulations!"

Bank of China provides a comprehensive range of financial services to customers.