Financial Daily from THE HINDU group of publications
Friday, Jul 18, 2003
Financial Daily from THE HINDU group of publications Friday, Jul 18, 2003 |
|
|
|
|
|
Money & Banking
-
Public Sector Banks SBI eyes $2-m profit from Mumbai OBU Our Bureau
Mr A.K. Purwar, Chairman, State Bank of India (right), with Mr P.N. Venkatachalam, Managing Director, at the opening of SBI's offshore banking unit at SEEPZ in Mumbai on Thursday. — Paul Noronha
Mumbai , July 17 STATE Bank of India expects to make a profit of $ 2 million from business from its first offshore banking unit set up in SEEPZ, Mumbai. Speaking at the launch of the OBU here on Thursday, Mr A.K. Purwar said, "The OBU was set up with a capital of $ 10 million and we have already lent $ 8 million to our customers, in just fifteen minutes of the launch.'' In the next few weeks, the bank will set up three more OBUs at the special economic zones at Kandla, Kochi and Surat , he said. "This facility will help exporters avail banking services on a global scale, matching the best international standards on infrastructure, services and rates,'' said Mr Purwar. The OBUs are aimed at providing a specialised platform for meeting the specific needs of customers and providing additional support to India's international trade. SBI's OBUs would have ready access to external funding sources, which would provide them with low cost resources.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|