Doha Bank to roll out more branches in India, awaits RBI approval

The bank's current exposure in India is about $2.3 bn and it expects to increase it to $5 bn over the next three years

Qatar-based Doha Bank is awaiting approval from the Reserve Bank of India (RBI) to open more branches in the country.

The bank's current exposure in India is about $2.3 billion and it expects to increase to $5 billion over the next three years, according to R Seeharaman, chief executive officer of Doha Bank.

The bank has already drawn up plans to open its branches in Hyderabad, Tamil Nadu, Gujrarat, Karnataka and Bengal. It had opened its first branch in India in Mumbai in June last year. The bank acquired two branches, one in Kochi and one in Mumbai, from HSBC Oman SOA. The two are in the process of getting integrated. "We got license last year and inaugurated our first branch in Mumbai. We see a lot of business opportunities, with new states such as Telangana and Andhra Pradesh looking at mega investment projects, including Amaravati capital construction,'' he said.

The bank is looking at the infrastructure sector, freight corridors, industrial parks, SMEs and start-ups for business opportunities, according to him.

The bank offers loans to corporates at a relatively lesser cost of financing. ''It is at least 2 per cent lower interest rate when compared to that of the Indian banks and this makes it attractive for those looking at raising funds for new projects,'' he said.