State Bank of India (SBI) gets full banking licence to operate in Dubai
State Bank of India (SBI) has got a full banking licence from the regulator, the Dubai Financial Services Authority.
SBI now can provide a full range of banking services from its base in the Dubai International Financial Centre (DIFC). SBI's DIFC branch can now accept deposits and provide credit.
It has also obtained a Retail Endorsement to its licence, which enables it to arrange investments for retail customers and offer credit to small and medium enterprises.
The branch will provide trade finance and short-term working capital loans including letters of credit and bank guarantees, term loans, project finance and as well as syndication of credit requirements at highly competitive rates.
In Saudi Arabia, SBI has already secured approval for setting up its first branch at Jeddah, which is likely to be operational by end-fiscal.
As of now, State Bank has presence in 132 overseas centers that includes 64 branches under five subsidiaries.
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