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Mauritius’ SBM gets RBI approval to merge operations with its Indian subsidiary

SBM bank, sbm bank merged in india, sbm bank merged, merged sbm bank in india, sbm bank news, rbi sbm bank, sbm mauritiousThe scheme will come into force with effect
from December 01, 2018.

The Reserve Bank of India Saturday said it has approved merger
of SBM (Mauritius), India with SBM Bank (India). “The Reserve
Bank of India has sanctioned the Scheme of amalgamation of the
entire undertaking of SBM Bank (Mauritius) Limited, India with
SBM Bank (India) Limited which has been granted licence by the
Reserve Bank to carry on the business of banking in India
through Wholly Owned Subsidiary (WOS) mode under the Banking
Regulation Act,” RBI said in a
release.

The scheme will come into force with effect from December 01,
2018, it said further. All the branches of SBM Bank (Mauritius)
Limited in India will function as branches of SBM Bank (India)
Limited with effect from December 01, 2018, the RBI said.

Earlier on November 21, State Bank of Mauritius, which has
received a licence as a scheduled commercial bank in India,
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.

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 had
said.

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