SBI NRI services in UAE launched
Strengthening its presence in Gulf region, State Bank of India (SBI) is launching a range of services for non-resident Indians in the UAE, including opening of NRI accounts, a senior bank official said.
“These services include opening of NRI accounts. The bank would retain its focus on corporate products, trade finance and consolidate its operations from the Dubai International Finance Centre,” SBI’s DIFC branch CEO Debajyoti Ray Chaudhuri said.
SBI, which has a big branch network in India, is helping thousands of Indians in the UAE who transact business regularly to their home country. SBI’s Dubai office was set up in 2007 in the DIFC under licence from the Dubai Financial Services Authority. The licence was upgraded in 2009, allowing the bank to expand its operations. According to Chaudhuri, the bank will be able to provide all facilities that a representative office can extend in the UAE.
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“SBI has presence in Bahrain and Oman with full banking licences. Its operations in Saudi Arabia have already commenced, with a branch in Jeddah. Its office in the Qatar Financial Centre is likely to start operations very shortly,” he said.
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