The Reserve Bank of India has approved the merger of SBM (Mauritius), India with SBM Bank (India). RBI 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.
Source- The Hindu Business Line
Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:
- 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.