Current Affairs - Persons - Discussion

State Bank of Mauritius (SBM) has appointed Sidharth Rath as the Managing Director & CEO of SBM Bank (India). Before this he was working with Axis Bank as Group Executive and Head of Corporate, Transaction Banking and International Banking. SBM Bank (India) has been recently granted licence by the RBI to carry on business as a scheduled commercial bank under the Banking Regulation Act, 1949, with effect from 1st December. It claims to be the first foreign bank to have been granted a universal banking licence under RBI's wholly-owned subsidiary scheme. Currently SBM Bank has a total of four branches across Mumbai, Chennai, Hyderabad and Ramachandrapuram.