Sbi Mumbai Offshore Unit Launch On Thursday

Offshore banking will commence in the country on July 17 when the State Bank of India launches its Mumbai unit. With a capital base of $10 million, the unit will have a dollar-denominated balance sheet.

The State Bank of India is expected to transfer the bulk of its India-related business from its offshore units in Mauritius, Tokyo, Nassau and Bahrain to Mumbai.

In a parallel development, the bank is planning to hold international roadshows for a new deposit scheme in the last week of July.

The scheme, being worked out in consultation with the Reserve Bank of India, will be placed at the bank