Left Menu
Development News Edition

Historic event: Mauritius PM Jugnauth inaugurates SBM Bank (India) Ltd in Mumbai

Devdiscourse News Desk | Mumbai | Updated: 25-01-2019 17:19 IST | Created: 25-01-2019 13:56 IST
Historic event: Mauritius PM Jugnauth inaugurates SBM Bank (India) Ltd in Mumbai
Image Credit: IANS

Mauritius Prime Minister P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, which becomes the first foreign bank in India that was granted the Reserve Bank of India (RBI) licence to operate as a wholly owned subsidiary, an official said on Friday. Previously known as SBM Bank (Mauritius) Ltd, it started Indian operations in 1994 and has branches in Mumbai, Chennai, Hyderabad and Ramachandrapuram in Andhra Pradesh.

Now, these will be renamed as 'SBM Bank (India) Ltd' and shall operate as a full-fledged universal bank, headed by Managing Director and CEO Sidharth Rath. Present at the event on Thursday evening along with Jugnauth were Commerce Minister Suresh Prabhu, Maharashtra Governor C.V. Rao, Mauritian cabinet ministers, SBM Holdings Ltd Group Chairman K.C. Li Kwong Wing, Rath and other dignitaries.

Terming it a 'historic event', Rath said the SBM Bank would offer all retail, corporate, trade finance services, capital markets, trading and stockbroking, asset management and custody services for the Indian customers. Wing said the group now has a bigger presence in Kenya after acquiring two local banks and the Indian banking licence to operate as a full-fledged universal bank would complement its 'internationalisation strategy'.

An official said that as a new entity, the SBM Bank (India) Ltd will expand its Indian network by end-March 2020 with four more branches focusing on the mid-market segment comprising mid-corporate and higher-end SMEs, besides building its retail banking footprint in this country. Targeting a business of Rs 5,000 crore over the next two years, the bank will support Indian companies investing in eastern Africa, given its strong presence in Kenya to facilitate India-Africa trade.

(With inputs from agencies.)



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....


Latest News

Congress in Karnataka to lay siege to Raj Bhavan tomorrow

The Karnataka unit of Congresswill lay siege to Raj Bhavan on Wednesday against the threecontentious farm laws, Congress state chief D K Shivakumarsaid on Tuesday.Tomorrow Wednesday we are laying siege to the RajBhavan against the three law...

2 people seek to be made party in SC case against UP, U'khand laws on conversion

Two people moved the Supreme Court Tuesday seeking to be made party in matter related to controversial new laws of Uttar Pradesh and Uttarakhand regulating religious conversions due to inter-faith marriages.The apex court earlier this month...

Two more COVID-19 deaths in Rajasthan, toll climbs to 2,752

Rajasthan recorded two more fatalities due to the novel coronavirus on Tuesday, taking the COVID-19 death toll in the state to 2,752, according to a health department bulletin.The state also reported 209 new cases on Tuesday. The total numb...

Haryana minister Vij demands removal of 'Tandav’ from Amazon platform

Haryana Home Minister Anil Vij on Tuesday said Amazon Prime Videos political saga Tandav should be removed from the digital platform, saying it had allegedly hurt the sentiments of Hindu community.Talking to media persons here, he said the ...

Give Feedback