<p>The court during a hearing on black money on Monday questioned the government’s decision to grant licence for retail banking to UBS.“UBS welcomes the Indian government’s go-ahead to commence retail banking in India. It is for the government to defend its views and reason vis-a-vis the Indian Supreme Court,” Hong Kong-based UBS spokesperson Mark Panday said. UBS got approval to establish a bank branch in Mumbai in 2008 and operations began in January 2009, according to its website.<br /><br />The banking major’s credentials have come under scrutiny in India, amid allegations that many Indians including stud farm owner Hasan Ali Khan has stashed away black money in the bank in Switzerland.<br /><br />“UBS is doing everything within its powers to facilitate investigations by the regulators including the Enforcement Directorate (ED),” Panday said.<br /><br />A Bench of justices B Sudershan Reddy and S S Nijjar on Monday said the government has failed to explain why UBS, whose licence was withheld on the grounds of bank’s suspect credentials, was allowed to operate in the country.<br /></p>
<p>The court during a hearing on black money on Monday questioned the government’s decision to grant licence for retail banking to UBS.“UBS welcomes the Indian government’s go-ahead to commence retail banking in India. It is for the government to defend its views and reason vis-a-vis the Indian Supreme Court,” Hong Kong-based UBS spokesperson Mark Panday said. UBS got approval to establish a bank branch in Mumbai in 2008 and operations began in January 2009, according to its website.<br /><br />The banking major’s credentials have come under scrutiny in India, amid allegations that many Indians including stud farm owner Hasan Ali Khan has stashed away black money in the bank in Switzerland.<br /><br />“UBS is doing everything within its powers to facilitate investigations by the regulators including the Enforcement Directorate (ED),” Panday said.<br /><br />A Bench of justices B Sudershan Reddy and S S Nijjar on Monday said the government has failed to explain why UBS, whose licence was withheld on the grounds of bank’s suspect credentials, was allowed to operate in the country.<br /></p>