SBI awaits RBI, Doha Govt nod for opening new branch
State Bank of India expects to receive the Reserve Bank and the Doha Government approval for its proposed Doha branch by the first week of December. “We hope the permission will come by the first week of next month. At present, the proposal is under the consideration of Doha Government and Reserve Bank of India,’’ a top SBI official told PTI here.
As part of its global expansion strategy, SBI decided to open a branch at the Qatar Financial Centre, Doha, and approached the regulator for necessary permission three months back.
Once RBI clears the proposal, SBI will approach the Doha Government authorities for permission and the bank expects to start operations by March/April, the official said.
Initially, SBI plans to use the branch for wholesale banking, loan syndication and corporate advisory businesses, while it will later look venturing into retail banking.
Doha has nearly 4-lakh Indian population and many Indian corporates have operations in that country, the official said.
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