[sbinews] SBI plans to set up second offshore unit in Kerala -TheHindustan Times
- From: "Rajendra PAI" <rspai.IT@xxxxxxxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Wed, 22 Oct 2003 15:24:45 +0530
SBI plans to set up second offshore unit in Kerala
Sanu George (IANS)
Thiruvananthapuram, October 22
The State Bank of India (SBI) plans to open a second Offshore Banking Unit
(OBU) in Kerala's commercial capital Kochi.
SBI chairman AK Purwar told a news conference on Wednesday: "As a result of
this operation, exporters and importers will be able to benefit hugely. This is
meant for foreign exchange business operations.
"Everything is ready and it will be opened any time."
Currently the lone OBU of SBI is located in Mumbai. After Kochi, OBUs will open
at Kandla and Surat as well.
"The Kochi OBU will be located in the Cochin Export Processing Zone where we
already have a branch," he said.
He said SBI was doing "extremely well" in Kerala and the bank planned to start
several new schemes to enhance the credit deposit ratio.
SBI, along with its associate State Bank of Travancore, has a lion's share of
the banking business in Kerala. SBI has 231 branches with a total deposit of Rs
65 billion.
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