Current Affairs - Banking - Discussion

Discussion :: Banking - Latest Current Affairs (Q.No.172)

172. 

Which bank gets RBI approval for subsidiary?

[A]. State Bank of Mysore
[B]. State Bank of Mauritius
[C]. Dhanlaxmi Bank
[D]. DCB Bank

Answer: Option B

Explanation:

Mauritius based SBM group granted a license by Reserve Bank of India to operate SBM Bank (India) Limited through Wholly Owned Subsidiary (WOS) mode under the Banking Regulation Act, 1949 with effect from December 1, 2018. Now at present SBM operate its branches in Mumbai, Chennai, Hyderabad, and Ramachandrapuram since 1994. It plans to open six new branches in Delhi, Bangalore, Kolkata, Pune, Ahmedabad, and Jaipur by next year.

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