Left Menu
Development News Edition

Sidharth Rath appointed State Bank of Mauritius MD

Devdiscourse News Desk | New Delhi | Updated: 21-11-2018 20:51 IST | Created: 21-11-2018 20:32 IST

State Bank of Mauritius, which has received a licence as a scheduled commercial bank in India, said Wednesday that it has appointed Sidharth Rath as managing director.

SBM Bank is the first foreign bank to set up a Wholly Owned Subsidiary (WOS), to provide universal banking service with a focus on Wholesale Banking, Trade Finance, Capital Market and Retail Banking, the bank said in a statement.

Following the approval, the SBM Bank (India) Limited will start operation as scheduled commercial bank under the Banking Regulation Act, 1949 with effect from December 1, 2018, it said.

The statement said that Rath has taken over as the MD & CEO of SBM Bank (India) Limited pursuant to the approval received from the Reserve Bank of India.

Prior to this assignment, he was with Axis Bank as the Group Executive and Head, of Corporate, Transaction Banking and International Banking.

SBM Bank is backed by SBM Group, diversified financial services provider with a strong base in Mauritius, Eastern Africa and India. SBM Holdings Ltd is the third largest listing on the Stock Exchange of Mauritius.

(With inputs from agencies.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

UN has not been effective in preventing pandemics: Rajasthan Governor

Rajasthan Governor Kalraj Mishra on Tuesday said the United Nations has not been able to play an effective role in preventing pandemics, terrorism, violence and civil wars in the world due to the veto power system of the world body.Mishra, ...

Farmer unions build up for R-Day tractor parade with village-level rallies

Farmer unions have begun holding tractor rallies at villages in Punjab to mobilise people for their planned tractor parade in Delhi on Republic Day.Already tractor rallies have been held in places like Nawanshahr and Gurdaspur as a build-up...

EU says sanctions are only one answer to Navalny detention, diplomacy key

The European Unions foreign policy chief said on Tuesday he was keen to visit Moscow to discuss the detention of poisoned opposition politician Alexei Navalny, and that sanctions on Russia over the issue were not the only possible response....

Baseball-Mets fire GM Porter over inappropriate text messages

The New York Mets have fired general manager Jared Porter for sending unsolicited, inappropriate text messages to a female reporter, Mets owner Steven Cohen said on Tuesday.We have terminated Jared Porter this morning, Cohen said in a state...

Give Feedback