HDFC bank will now sign a memorandum of understanding with Chase for the partnership. The bank has already received Reserve Bank of India approval for entereing into the MoU.

"The basic underlying rationale for the new strategic business collaboration is to enable HDFC Bank to provide its customers a wide range of international banking products by leveraging Chase's global banking capabilities and branch network outside India," said an HDFC Bank press release.

"The objective is enable HDFC Bank to remain in the forefront of banking technology and product development with help from Chase. The collaboration would also provide the global clients of Chase broader access to local banking products and services through the capabilitiesand extensive branch network of HDFC Bank," it says.Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.