Mumbai: Mauritian PM Jugnauth inaugurates SBM Bank (India) Ltd
Prime Minister of Mauritius, P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, here on Friday. After this, State Bank of Mauritius (SBM) has become the first foreign bank in India to get the license to operate as a wholly owned subsidiary from the Reserve Bank of India (RBI).
Mumbai: Prime Minister of Mauritius, P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, here on Friday. After this, State Bank of Mauritius (SBM) has become the first foreign bank in India to get the license to operate as a wholly owned subsidiary from the Reserve Bank of India (RBI).
It is to be mentioned that SBM Bank started its operations in India from 1994. Currently, SBM bank has its branches in Mumbai, Chennai, Hyderabad and Ramachandrapuram in Andhra Pradesh.
ALSO READ: Supreme Court ready to scrutinize the quota for poor general category
Now, 'SBM Bank (India) Ltd' will be able to operate as a full-fledged universal bank, headed by Managing Director and CEO Sidharth Rath.
According to Rath, SBM Bank would offer all retail, corporate, trade finance services, capital markets, trading and stock broking, asset management and custody services for the Indian customers.
ALSO READ: Bhubaneshwar: Rahul Gandhi accuses PM Modi of being autocratic
The bank will expand its Indian network by end-March 2020 with four more branches focusing on the mid-market segment, an official said on Friday.