SBI expanding operations in India's immediate neighbourhood

The State Bank of India is expanding operations in India's immediate neighbourhood, its Chairman and Managing Director Arundhati Bhattacharya said today.
"We are doing (it) within the immediate neighbourhood of India. We have just opened a new branch in Myanmar and we upgraded our branch in Seoul," Bhattacharya said here, responding to reporters' question on the bank's expansion plans.
She said the SBI has a large presence in Singapore and a banking joint venture in Indonesia.
Bhattacharya and India's High Commissioner to Singapore, Jawed Ashraf, today launched a "Remittance through ATM" service at the SBI's 25 ATMs in Singapore, increasing its range of services for Non-Resident Indians (NRIs) on 24-hour, seven-day basis.

Bhattacharya said she is satisfied with the performance of SBI's international banking group.
"International banking group has about 16 per cent of the balance sheet and about 25 per cent of the profit. Considering that, it is actually doing quite well," she said, adding that the bank will continue to consolidate from April 1 onwards.

On capital raising plans, she said, "We will look into that after the merger is over. With the merger hanging over our heads, we cannot approach the capital market."
The Indian Government last month approved the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.

SBI has started expanding in wealth space in India.
"Once we stabilise the wealth operation in India, we can look at the NRI community," she said.
Elaborating on the new service, she said remitters, with SBI accounts in Singapore, get a wide reach to over 22,000 branches with the SBI group and over 80,000 other bank branches in India.
The new service is in addition to the existing channels for remittance facility offered by SBI Singapore through Internet Banking, Kiosk, eRemit from its six branches here.