New Delhi: The 2017 India-China military standoff at Doklam had repercussions beyond the border, reaching the Mumbai branch of China’s state-owned Industrial and Commercial Bank of China (ICBC). According to an investigation by The Indian Express, the bank’s Mumbai branch suspended 11 approved but undisbursed loans and bond investments worth a combined $185 million during the tense period.
The details emerged from a confidential 178-page ICBC work summary dated January 2018. The report said the Mumbai branch had proactively reduced its exposure to lending and investment risks during the border crisis. The suspension affected the branch’s operating revenue by approximately $6.36 million, while it achieved only 57.7 per cent of the annual profit target set by ICBC’s Beijing headquarters.
The Doklam confrontation lasted 73 days after tensions escalated in June 2017. India and China eventually disengaged in August following diplomatic talks.
The internal report also said the Mumbai branch organised Communist Party members across departments and maintained communication with China’s embassy and consulate during the standoff. ICBC did not respond to questions from The Indian Express and the International Consortium of Investigative Journalists regarding the findings.
