Mauritius’s SBM Gets RBI Approval For Subsidiary

First foreign lender to get nod; DBS waiting in the wings
Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route. It is the first foreign lender to receive such a licence after local incorporation was introduced in 2013.
Singapore’s DBS Bank is another lender which is awaiting final approval from the RBI to convert its 12 branches into a wholly owned subsidiary. 

Source- The Hindu

Static/Current Takeaways Important for SBI PO/Clerk Exam 2018- 
  • SBM, which has been in India since 1994, currently operates through four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.
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